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Author Topic: The Shanghai Composite closed up 22.19 points on the news that China extended th  (Read 124 times)

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The Shanghai Composite closed up 22.19 points on the news that China extended the tax breaks.

The Shanghai Composite Index, China's stock markets closed higher today. This was driven by a rally in information technology (IT), finance and consumer stocks. The market also responded to news of the Chinese government pledges to focus on restoring consumption and lowering income tax rates.

The Shanghai Composite Index closed at 3,619.19, up 22.19, or +0.62%.

The IT index was up 1.7 percent, while the media index was up 5.4 percent and the semiconductor index was up 2.6 percent, while the consumer goods index was up 0.8 percent.

Chinese stock markets were supported by Chinese government media reports. China to extend the enforcement of personal income tax deduction policy with some measures that are more beneficial to high-income earners As the Chinese government tries to promote household spending to stimulate economic growth.

China's State Council issued a statement saying: Year-end bonus tax benefits will continue until the end of 2023, stock compensation will remain low-taxed until 2022, and low-income earners will be exempt. some

The statement stated that The measure will reduce annual personal income tax to 110 billion yuan (173 billion dollars) for high-income earners who receive year-end bonuses of up to 500,000 yuan. The tax-reduction policy will save about 77,000 yuan.



 

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