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Shares rise on monetary easing hopes
By Lydia Chen |
October 27, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI stock exchange rose for a fourth day in the morning session today on speculation that China may start to ease its monetary tightening while EU leaders also reached a deal on battling the euro debt crisis.
The Shanghai Composite Index edged up 0.39 percent to 2,436.84. Turnover climbed to 43.9 billion yuan (US$6.9 billion).
Shanghai-based transportation and service firms were among the strongest performers this morning after China announced late yesterday it would start lowering corporate taxes in selected service industries next year. The trial scheme will focus on Shanghai as the government acts to support companies saddled by rising costs and slowing growth.
Dazhong Transportation Group Co jumped by the daily limit of 10 percent to 6.44 yuan. Shanghai Jiabao Industry & Commerce Co also posted a nearly 10 percent rise to 5.97 yuan.
Transportation and some service companies in Shanghai will have their businesses taxes replaced by a value-added tax, the majority of which will be deductible, starting on January 1, the State Council, or Cabinet, said in a statement yesterday.
The idea is to eventually expand the program to the whole nation, the statement said.
The country will also introduce two lower-rate VAT categories as part of the tax reform, it said.
The Shanghai Composite Index edged up 0.39 percent to 2,436.84. Turnover climbed to 43.9 billion yuan (US$6.9 billion).
Shanghai-based transportation and service firms were among the strongest performers this morning after China announced late yesterday it would start lowering corporate taxes in selected service industries next year. The trial scheme will focus on Shanghai as the government acts to support companies saddled by rising costs and slowing growth.
Dazhong Transportation Group Co jumped by the daily limit of 10 percent to 6.44 yuan. Shanghai Jiabao Industry & Commerce Co also posted a nearly 10 percent rise to 5.97 yuan.
Transportation and some service companies in Shanghai will have their businesses taxes replaced by a value-added tax, the majority of which will be deductible, starting on January 1, the State Council, or Cabinet, said in a statement yesterday.
The idea is to eventually expand the program to the whole nation, the statement said.
The country will also introduce two lower-rate VAT categories as part of the tax reform, it said.
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