Stamp duty on stock trading to be cut
Hong Kong's stamp duty on stock trading will be cut from 0.13 percent to 0.1 percent, Chief Executive John Lee announced in his Policy Address on Wednesday. "A vibrant stock market is vital for upholding Hong Kong's status as an international financial centre and maintaining our competitiveness," Lee said, adding that the move is expected to be legislated by the end of November. The change means investors would save HK$3 for every HK$10,000 in stock transactions. Meanwhile, the Securities and Futures Commission and the stock exchange will look at whether trading can continue even when the territory is hit by severe weather, as proposed by the Task Force on Enhancing Stock Market Liquidity.  Lee said the government and authorities across the border will establish a "Shenzhen-Hong Kong Financial Co-operation Committee", to bolster mutual access to the financial markets, the exchange of talent, and cooperation on financial technologies and green finance.  The SAR government will also facilitate the trading of Hong Kong stocks in renminbi by including renminbi counters in the southbound trading of Stock Connect.