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State push for level tax field a catalyst

Shanghai shares rebounded yesterday, led by the banking and insurance sectors, in anticipation of better profitability prospects. The buoyancy comes as top Chinese government officials suggest it's time to level the tax rates for domestic and overseas firms. The Shanghai Composite Index, which tracks both yuan-dominated A shares and hard-currency B chips, advanced 54.87 points, or 1.98 percent, to close at 2,840.18. The B chips added 1.08 percent after slumping 6.9 percent, while the A shares gained 1.98 percent to 2,984.44. The Shenzhen Composite Index, the smaller of the country's bourses, also edged up 0.74 percent to 731.19. Despite the rise, yesterday's transaction volume of the two markets dipped by nearly 40 billion yuan (US$5 billion) from the previous session to a total of 99.87 billion yuan. Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Show/Hide comments Write comment Show/Hide comment form Name Email Website Title Comment Write the displayed characters Add Comment Copyright 2007. All Rights Reserved.

 

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