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China Cuts Tax on Stock Trading to Boost Market Confidence

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China lowered the stamp duty on stock trades for the first time since 2008, marking a major attempt to restore confidence in the world’s second-largest equity market.

The levy charged on stock trades will be halved effective Aug. 28, the government said in a statement Sunday. Trading floors have been abuzz with anticipation of a reduction since Beijing issued a rare pledge last month to “invigorate capital markets and boost investor confidence.”

Authorities have been trying to lure back investors who have soured on the country’s assets as worrying signs mount in the economy, from a property slump to trust defaults and weak consumption metrics. Foreign investors sold mainland China stocks on a net basis for 13 consecutive sessions through Wednesday, the longest stretch ever, data compiled by Bloomberg show.

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