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Author: Zhu Haiqi
2021-02-28 13:52
Last update date: 2021-02-28 13:52
The government raised the stamp duty rate on stocks in the new "Budget" from the current 0.1% paid by both buyers and sellers to 0.13%, an increase of 30%, and the stock market immediately declined.
Financial Secretary Chen Maobo retorted that the tax increase is only an additional 30 yuan for every 100,000 yuan transaction, which is an affordable level, while stock market fluctuations are affected by external factors, and Shanghai, Tokyo and Seoul all have different degrees of decline.
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The government proposes that the stock market fluctuates immediately after the tax increase. Chen Maobo said in his blog today (28th) that Hong Kong stocks provide a large number of mainland business or mainland technology-based corporate stock options, plus the protection of the free flow of funds and the implementation of the common law judicial system, and Under the interconnection system, the close connection between the Hong Kong and Mainland stock markets constitutes the unique and core advantage of the Hong Kong securities market. Some people jokingly say that it is some form of "single market business". This advantage is difficult to replicate. It drives the continuous development of the market. A substantial increase, while providing room for a slight increase in the stamp duty rate. The trading volume has increased from an average of 88 billion yuan per day at the end of 2017 to an average of nearly 130 billion yuan per day last year. In January this year, the average daily transaction volume reached 2400. A new record of 100 million yuan.
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He rebutted the government’s new proposal that for every 100,000 yuan of transactions, the public had to pay an additional 30 yuan in stamp duty, which was affordable to ordinary traders. The fluctuations in the Hong Kong stock market in the past few days were affected by external factors on the one hand, and on the other. On the one hand, the valuation of individual stocks (especially technology stocks) has risen sharply for a period of time, and their valuations have been adjusted higher. This does not affect the authorities’ judgment on the overall status of the Hong Kong stock market and the international financial center. In recent days, many markets in the region, such as Tokyo, Seoul and Shanghai also experienced different degrees of decline.
Chen Maobo emphasized that when making the relevant decision, he has carefully and fully assessed and measured the potential impact of the measures on the competitiveness of the Hong Kong market, and will continue to observe specific changes for future reference, and will continue to promote the diversified and vigorous development of the financial market.
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