China has made a series of moves to restore investor confidence in the world’s second largest economy, including cutting a tax on stock trading for the first time since 2008.
Foreign investors dumped billions of dollars worth of Chinese stocks over the past few weeks as the prospects for the economy dimmed. The announcements boosted Chinese stocks on Monday. However, much of the gains had evaporated by the afternoon as investors returned to worrying about China’s real estate crisis and sluggish growth prospects. The stamp duty on stock trades, which had stood at 0.
Chinese stock markets have declined sharply in recent weeks, as investors fretted about a worsening slowdown in the world’s second largest economy and its real estate crisis. Since August 7, offshore investors have sold a net amount of 78 billion yuan worth of Chinese stocks within three weeks, according to data from Hong Kong’s Stock Connect trading scheme.
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