By Gokhan Ergocun
ISTANBUL (AA) – China's stock clearing agency said it will cut stock transfer fees by half from Friday to reduce trading costs for investors and to spur market vitality.
The fees will be generally cut to 0.001% of stock trading turnover, the China Securities Depository and Clearing Co. said, as reported by state-run Xinhua News Agency.
The decision aims to promote “the stable and healthy operation” of the capital market, the authority said.
Shan Weijian, the founder and chairperson of private equity firm PAG, said on Thursday that China is in a deep economic crisis comparable to the global financial crash.
“The market sentiment towards Chinese stocks is also at the lowest point in the past 30 years.
“I also think popular discontent in China is at the highest point in the past 30 years,” he added, according to Financial Times.