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CHINESE GOVT DENIES RUMORS ABOUT LEVY OF "CAPITAL GAINS TAX".
BEIJING, March 1 Asia Pulse - The Chinese government denies that the country will start to levy "capital gain taxes" on stock investors in the near future, according to Xinhua-run Shanghai Securities News.
Government officials with the Ministry of Finance (MOF) also warned that investors should not readily trust market rumors.
Rumors about an immediate levy of capital gain tax, together with anticipation about an interest rate hike in the near future, caused the benchmark index of China's Shanghai and Shenzhen bourses to nose-dive by 9 per cent on Feb. 27.
After the panic on Feb. 27, China's vast individual investors generally take a wait-and-see attitude towards the afterward market, as the government denial on capital gain tax and certain unknown reasons send the stocks to rally on Feb. 28.
The rumor partly started from anticipation about that the government's increased taxes on real estate market are paying off to cool down property market and it may likely to introduce new taxes as capital gain tax into stock markets to prevent the market from ...
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Source: HighBeam Research, CHINESE GOVT DENIES RUMORS ABOUT LEVY OF "CAPITAL GAINS TAX".