Tax cut boosts China share prices

China's main share index has seen one of its biggest daily gains after the government cut taxes on share trading.

The Shanghai Composite Index rose 9.3%, or 304.7 points, to close at 3,583.0 after tax was cut from 0.3% to 0.1%.

It is a clear sign that the government wants to support share prices, which had fallen 50% from their peak levels in October 2007.

Analysts said that Chinese share prices were often more dependent on government measures than the state of the economy.

Read Full Article from BBC News

- Posted: 2008-04-24 08:50:33

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