China's securities regulator said on Aug 18 it would cut trading costs, support share buybacks, and introduce long-term capital as it unveiled a package of measures to revive the stock market and boost investor confidence.
The China Securities Regulatory Commission (CSRC) said it was not aware if there would be a cut in stamp duty, a measure hotly discussed recently but beyond CSRC's power.
Other measures laid out by the CSRC include boosting the development of equity funds, studying plans to extend trading hours, and improving the attractiveness of listed companies. The slew of measures comes after China's top leaders vowed to reinvigorate the stock market in late July, which has been reeling amid the country's flagging economic recovery.
But Friday's measures are seen by some investors as being incremental.
The measures "will give a short-term lift to a market where investors are extremely pessimistic," said Pang Xichun, research director at Nanjing RiskHunt Investment Management Co.
"But they won't change the market fundamentals. A bull market requires genuine policies that would boost credit expansion."
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