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China stocks climb after authorities attempt to lure investors with stock tax cut, other moves

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China officials kicked off a new week with moves to get investors back in the beaten-down stock market.

China equities were headed for the best session in a month on Monday after authorities announced a reduction on the taxes on stock purchases and other market supportive measures, to lure back wary investors.

The regulator also said it would slow the pace of the market for initial public offerings, citing “the recent market situation.” In addition, limits will be placed on sales of stocks by top shareholders if their companies haven’t been distributing enough dividends or if share prices have fallen below that of the IPO.

The slump for stocks has come have investors have shied away from equities amid a disappointing rebound for the economy from a COVID-19 lockdown. A property slump, exacerbated by waning consumer confidence has also contributed to a market slowdown and loss of appetite for stocks.

 

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