Shenzhen Reports High Growth in Stamp TaxesShenzhen, one of China's two stock exchange centers, earned 10.2 billion yuan (about 1.23 billion U.S. dollars) in stamp taxes from securities and stock trading in the first five months of the year.Information from Shenzhen State Taxation Bureau said the volume was 388 percent up from the same period last year. The Bureau has completed levying stamp taxes assigned by the National Taxation Administration for this year. Stock trading at both the Shenzhen and Shanghai Stock Exchanges has been increasing since May of 1999. From January to May this year, trading of securities at Shenzhen Stock Exchange was worth 1,425.1 billion yuan (about 171. 69 billion U.S. dollars), four times the volume for the same period last year. The Exchange generated 11.132 billion yuan ( about 1.31 billion U.S. dollars) in stamp taxes from transactions of securities in 1999. Industry expert said that a range of policies implemented makes it possible for more funds to flow into the stock market, contributing to the boom at the country's stock exchanges. The successive lowering of bank interest rates for time deposits, for instance, has forced many private investors to try their luck on the stock market. |
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