China dismisses rumours of capital gains tax on stocks

A media blitz aimed at quelling fears that the
Beijing government planned to
implement a capital gains tax on stocks has led to an improved performance on
the stock market.

The government’s campaign to end all rumours about the tax helped the
Shanghai Composite
Index
closed 3% up at 3,890.8.

The number of new share accounts being opened in China’s frenetic stock
market fell sharply last week after the tax on share purchases was increased to
0.3%.

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