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Index rises on VAT extension
Aggregated Source: Shanghai Daily: Business

SHANGHAI stocks inched up yesterday after China said a value-added tax trial will be extended nationwide to cover more sectors to boost economic vitality.

The Shanghai Composite Index notched a fourth straight day of gains when it added 0.12 percent to 2,324.02 points.

Slated to go nationwide from August 1, the VAT trial covers transport and some other service sectors. The VAT will also include the radio, TV and film sector.

"The implementation of the structural tax reduction despite financial risks faced by local governments indicated China's commitment to stabilize the economy with proactive fiscal policies and helped boost market confidence over the long term," CITIC Securities said.

Jiangsu Phoenix Publishing and Media Corp advanced 2 percent to 9.16 yuan (US$1.49).

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Copyright Shanghai Daily: Business