Beijing cuts stamp duty on stock trading
China halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market as a recovery sputters in the world's second-biggest economy. The Finance Ministry said in a brief statement on Sunday it was reducing the 0.1 percent duty on stock trades "in order to invigorate the capital market and boost investor confidence". Beijing had vowed late last month to reinvigorate the stock market, also the world's second-largest, as the post-pandemic recovery flags and a debt crisis in the property market deepens. Authorities have taken a series of measures to boost the economy, including a smaller-than-expected cut in a key lending benchmark last week. But investors are demanding a stronger policy response including massive government spending. In the latest sign of economic weakness, data on Sunday showed profits at industrial firms extended this year's slump to a seventh month, with weak demand squeezing companies. (Reuters)