China’s collection of stock stamp duty jumps more than 80% as AI frenzy boosts trading
Average daily trading values on mainland China’s stock markets rose 72 per cent in first eight months of the year
China’s revenue from stamp duty on stock sales jumped more than 80 per cent in the first eight months this year as improved sentiment bolstered trading activities.
China collected 216 billion yuan (US$32.3 billion) from the tax between January and August, up 82 per cent year on year, data released by the Ministry of Finance showed.
Average daily trading values on mainland China’s stock markets rose 72 per cent in the first eight months of the year as the artificial intelligence boom bolstered demand for equities.
While the benchmark CSI 300 Index has remained flat this year, much of the trading has focused on technology stocks, driving the chip-heavy Star Market 50 Index up by 23 per cent in the first eight months of the year. Stocks worth a daily average of 2.67 trillion yuan changed hands on the mainland’s exchanges this year, according to industry data.