Li's VAT call lifts index to 6-week closing high
By Ye Zhen |
October 23, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks ended at a six-week high yesterday after Chinese Vice Premier Li Keqiang called for the value-added tax reform to be expanded to reduce the tax burden for more enterprises.
The Shanghai Composite Index added 0.21 percent to 2,132.76 points, the highest close since September 10.
Li said China should accelerate the VAT reform to encourage the manufacturing sector to upgrade and help develop the service industry. China will also extend the reform to more industries, including post and telecommunications, railway and construction, and expand it nationwide gradually, Li said.
Bai Jingming, deputy director of the research at the Ministry of Finance, said the VAT reform will benefit the weaker service sector and should help the country to sustain growth by balancing its economic structure.
Brokerages gained after the China Securities Regulatory Commission said it will relax limits and cancel the administrative approval process on their asset management business.
Industrial Securities Co rose 2.2 percent to 11.05 yuan (US$1.77), and CITIC Securities, China's biggest listed brokerage, gained 0.7 percent to close at 11.81 yuan.
The Shanghai Composite Index added 0.21 percent to 2,132.76 points, the highest close since September 10.
Li said China should accelerate the VAT reform to encourage the manufacturing sector to upgrade and help develop the service industry. China will also extend the reform to more industries, including post and telecommunications, railway and construction, and expand it nationwide gradually, Li said.
Bai Jingming, deputy director of the research at the Ministry of Finance, said the VAT reform will benefit the weaker service sector and should help the country to sustain growth by balancing its economic structure.
Brokerages gained after the China Securities Regulatory Commission said it will relax limits and cancel the administrative approval process on their asset management business.
Industrial Securities Co rose 2.2 percent to 11.05 yuan (US$1.77), and CITIC Securities, China's biggest listed brokerage, gained 0.7 percent to close at 11.81 yuan.
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