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May 30, 2007
Stock Transfer Tax Triples -- China Finance Ministry to Stock Market: We'd Like a 15-20% Correction?
After months of hints and proclamations of irrational exuberance from official and unofficial (Li Ka-shing) sources, China's Ministry of Finance yesterday announced an increase in the stamp tax on stock transactions to 0.3% from 0.1%. The Chinese markets fell steeply.
财政部突然上调股票交易印花税至3‰，股市今日天量暴跌，沪指收盘4053.09点、跌281.83点、跌幅6.5％；深成指收盘12627.15点、跌829.45点、跌幅6.16％。两市成交金额超4200亿元，近千家个股跌停。
The reaction from Morgan Stanley:
摩根士丹利发表研究报告表示，内地上调印花税要传递的讯息相当强烈，投资者应严肃对待。此外，Ｈ股中的金融类股由于与Ａ股的关联性较高，相信将会受到拖累。报告表示，内地监管者愈来愈担心资产泡沫，并试图令股市软着陆，是次调整对投资者而言影响并不是很大，但传递的讯息相当强烈。今天沪综指收市大跌6﹒5％，报告表示，Ａ股反应如此强烈，是因为市场预期政府不会采取行政干预股市的希望已经幻灭，市场也正猜测政府下一步的行动。报告表示，如果Ａ股不理会政府的讯号而迅速反弹，相信更多的调控措施，如推出资产增值税和沽空股票╱期指等产品，才能有效控制资产泡沫的膨胀。
Citibank claims investors were over-reacting.
On what basis do these pundits claim the Finance Ministry is looking for a 15-20% correction? And then state that a 40-50% correction would induce the Ministry to invoke measures to stimulate the market?
但德意志银行表示，市场可能不理会该政策，并保持快速上涨的势头，如果这样，监管层可能再度上调印花税；但另一方面，如果此举导致股市回调40-50％，将令政府采取与上调相反的举措。
This page for citizen reaction: some very nasty comments indeed.
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