Beijing Applies Life-Support to Ailing Market
Chinese authorities have decided to pull out of a tax increase on stock transactions. This move follows reports showing that the Chinese market is down nearly half since its peak back in October of last year. Since that time, the Shanghai SE Composite Index is down 45% - from around 6000 to a paltry 3100. The measure has already proven to be a great help in stimulating trade, as the Shanghai Composite Index went up 4.2% after the announcement. This effort to boost the equities market reduces the tax on trading to 0.1% of the value of each purchase or…