Dramatic steps to prop up the Chinese stock market were unveiled by Beijing yesterday after a 70 per cent in stock prices since last October.
The stamp duty on stock purchases will be scrapped and government money will be used to buy shares to support the market, state media said. Beijing said Central Huijin, an arm of the country’s sovereign wealth fund, would buy into listed companies, including state-owned banks Industrial and Commercial Bank of China, Bank of China and China Construction Bank.
Chinese bank shares have fallen steeply in response to the global financial crisis, helping drive the Shanghai Composite index to a 22-month low of 1,896 yesterday. The market peaked last October at 6,092.
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