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Trading slows over declining central fiscal revenue
By Ye Zhen |
September 12, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks edged down this morning as data showed the central government's fiscal revenue fell in August for the first time this year although Premier Wen Jiabao has hinted at using fiscal surplus to revitalize economy.
The benchmark Shanghai Composite Index shed 0.37 percent, or 7.81 points, to 2,112.74 points. Turnover was 38 billion yuan (US$6 billion) at midday.
China's fiscal revenue rose 4.2 percent from a year earlier to 78.3 billion yuan in August but the central government's revenue lost 6.7 percent annually, the first decline this year, the Ministry of Finance said yesterday.
The ministry attributed the decline to the economic slowdown, falling prices, shrinking company earnings and structural tax reductions.
Premier Wen Jiabao remained upbeat about the country's economy and said China can meet this year's growth target of 7.5 percent with policy support.
China has room for additional fiscal and monetary measures to stimulus growth. The government will use its fiscal surplus and a 100-billion-yuan fiscal stability fund, if necessary, to shore up the real economy, Wen said yesterday at the Summer Davos Forum held in Tianjin in north China.
Defense-related stocks led the market down on speculations that the shares were overvalued after yesterday's surge. Asian Star Anchor Chain Co fell 1 percent to 8.94 yuan. CSSC Jiangnan Heavy Industry Co shrank 3 percent to 15.58 yuan. China CSSC Holdings Limited lost 1.9 percent to 21.22 yuan.
Lenders also fell. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, decrease 1.3 percent to 3.74 yuan. Bank of Communications shed 1 percent to 4.23 yuan. Agricultural Bank of China slipped 0.8 percent to 2.45 yuan.
The benchmark Shanghai Composite Index shed 0.37 percent, or 7.81 points, to 2,112.74 points. Turnover was 38 billion yuan (US$6 billion) at midday.
China's fiscal revenue rose 4.2 percent from a year earlier to 78.3 billion yuan in August but the central government's revenue lost 6.7 percent annually, the first decline this year, the Ministry of Finance said yesterday.
The ministry attributed the decline to the economic slowdown, falling prices, shrinking company earnings and structural tax reductions.
Premier Wen Jiabao remained upbeat about the country's economy and said China can meet this year's growth target of 7.5 percent with policy support.
China has room for additional fiscal and monetary measures to stimulus growth. The government will use its fiscal surplus and a 100-billion-yuan fiscal stability fund, if necessary, to shore up the real economy, Wen said yesterday at the Summer Davos Forum held in Tianjin in north China.
Defense-related stocks led the market down on speculations that the shares were overvalued after yesterday's surge. Asian Star Anchor Chain Co fell 1 percent to 8.94 yuan. CSSC Jiangnan Heavy Industry Co shrank 3 percent to 15.58 yuan. China CSSC Holdings Limited lost 1.9 percent to 21.22 yuan.
Lenders also fell. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, decrease 1.3 percent to 3.74 yuan. Bank of Communications shed 1 percent to 4.23 yuan. Agricultural Bank of China slipped 0.8 percent to 2.45 yuan.
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