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Opinions solicited on tax, fee cuts in market reform push

Updated: Feb 22, 2019 By Zhou Lanxu chinadaily.com.cn Print
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Tax and fee cuts have gathered speed in capital markets.[Photo/IC]

Securities Association of China, the self-regulatory organization of the securities industry, has released a notice to securities firms to collect opinions on tax and fee cuts related to capital markets.

The move signals regulators' efforts to reduce operating costs of securities firms and other financial institutions as part of capital market reforms that focus on vitalizing market entities, said Hong Rong, founder of Shanghai-based investor education platform Hongda Education.

The notice said the collection of opinions is aimed at contributing to the country's bid to ease tax and fee burdens on enterprises, raising vitality of market entities, and guiding the industry in serving economic and social development.

Tax and fee cuts have gathered speed in capital markets. In January, the Asset Management Association of China announced it would reduce this year's annual membership fees for private equity firms, future companies and other financial institutions by 30 million yuan ($4.46 million).

Since late Thursday, the notice has sparked discussion among retail investors about the potential of reducing stamp duties directly imposed on investors, although analysts said the notice mainly focused on financial institutions.

"This showed that investors are now in an overall bullish mode and sensitive to good news," said Zhang Xia, chief strategy analyst at Shenzhen-based China Merchants Securities.

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