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Shanghai index hits 6-month high on VAT reform
By Ye Zhen |
October 22, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks recovered from earlier losses and ended at a six-week high today after China's Vice Premier Li Keqiang urged the government to expand the value-added tax reform to reduce tax burdens of enterprises.
The key Shanghai Composite Index added 0.21 percent, or 4.46 points, to 2,132.76 points, the highest close since September 11. Turnover was 47.4 billion yuan (US$7.5 billion) at the trading close.
China should accelerate the VAT reform, which will help boost the upgrading of the manufacturing sector and promote the service sector, said the vice premier.
China will expand the reform to more industries including post and telecommunications, railway, construction and installation, and gradually introduce it nationwide, Li said.
Property developers gained on media reports that governments of Hunan and Hubei provinces have suspended plans to levy the property tax. Poly Real Estate, the second largest developer, rose 1.2 percent to 11.36 yuan. Gemdale Corporation added 0.6 percent to 5.33 yuan.
Shale gas-related stocks had a bull run ahead of the country's second auction of 20 shale gas blocks Thursday. Sichuan Tianyi Science & Technology Co surged by the daily limit of 10 percent to 10.25 yuan. Zhejiang Haiyue Co, an oil and liquefied gas supplier, rose 1.7 percent to 11 yuan.
Lenders also advanced. China Minsheng Banking Corp rose 1.5 percent to 6.09 yuan. Industrial Bank Co gained 1.2 percent to 12.58 yuan. Shanghai Pudong Development Bank Co edged up 0.9 percent to 7.65 yuan.
The key Shanghai Composite Index added 0.21 percent, or 4.46 points, to 2,132.76 points, the highest close since September 11. Turnover was 47.4 billion yuan (US$7.5 billion) at the trading close.
China should accelerate the VAT reform, which will help boost the upgrading of the manufacturing sector and promote the service sector, said the vice premier.
China will expand the reform to more industries including post and telecommunications, railway, construction and installation, and gradually introduce it nationwide, Li said.
Property developers gained on media reports that governments of Hunan and Hubei provinces have suspended plans to levy the property tax. Poly Real Estate, the second largest developer, rose 1.2 percent to 11.36 yuan. Gemdale Corporation added 0.6 percent to 5.33 yuan.
Shale gas-related stocks had a bull run ahead of the country's second auction of 20 shale gas blocks Thursday. Sichuan Tianyi Science & Technology Co surged by the daily limit of 10 percent to 10.25 yuan. Zhejiang Haiyue Co, an oil and liquefied gas supplier, rose 1.7 percent to 11 yuan.
Lenders also advanced. China Minsheng Banking Corp rose 1.5 percent to 6.09 yuan. Industrial Bank Co gained 1.2 percent to 12.58 yuan. Shanghai Pudong Development Bank Co edged up 0.9 percent to 7.65 yuan.
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