Stamp duty on non-transfer non-financial reform?.

<P> 3 月 17 日, A shares once again usher in the "Black Monday." .That day, the market plunged 142.62 points, or 3.6%. .Non-ST shares in Shanghai and Shenzhen has nearly 400 stocks, including the limit. .</ P> <P> http:// hearing, according to the market confidence collapse following the panic down, so the industry worried. .Recently, China Banking Regulatory Commission officials have said prices will affect the financial security over the downlink. .In fact, the housing market is so, so, too, the stock market? .In fact, if the stock market continues to fall, will inevitably affect the financial sector reform and stability. .To this end, the current stamp duty on the parties concerned should be reduced in due course, to save and restore investor confidence and avoid the irrational market continues to fall, to ensure financial security. .</ P> <P> In fact, high stamp duty on transfer or not to transfer, this should not be a problem. .</ P> <P> the original stamp duty is to act as a tool for regulating the market. .History of the development of the securities industry have proved that the stamp duty can be repeatedly used, and proved to be a very effective means of market regulation. .Since the overheating in the market with its cool, of course, the market downturn should use it to heat up. .</ P> <P> but the problem seems not so simple. .</ P> <P> retail price of refined oil products as hard or as easy to rise, seems easy to stamp down hard up. .Where is the problem? .This set of data may be able to give the answer: </ P> <P> 2007 the stock reached 200.5 billion yuan tax stamp duty, compared with growth of about 10 times in 2006, almost 16 years before the stamp duty levied on the sum. .Stamp duty on such a large contribution to the tax, stamp duty is so easy to want to let go of this piece of relevant tax revenue, really a bit difficult. .Moreover, last May 30 from stamp duty has been raised so far not to a year, it seems unlikely that the current stamp duty cut. .</ P> <P> However, this does not mean that there is still a brilliant last year, the dizzying glory. .200.5 billion yuan of tax revenue, stamp duty may not only represent an intermediate peak may also indicate that, in its role, a depressed market is coming. .</ P> <P> Hong Kong Commissioner of Inland Revenue Alice Lau, said recently, from 2007 to 2008 fiscal year, revenue from stamp duty in Hong Kong have the opportunity to once again following the early 1980s, after the tax revenue beyond the salaries. .The historical experience shows that whenever the stamp duty than the salaries tax, the stock market crash will occur later (1973, 1981 stock market crash), so the stamp duty can be said that the investment market of the thermometer. .</ P> <P> the continuing stock market slump since last year, whether it is caused by the high stamp duty, we are leaving aside. .However, the high duty of the high transaction costs, and huge amounts of money in the form of taxes take away from the market and let the market excessive "bleeding" really boost the market's sharp decline, bringing the stock market slump. .</ P> <P> stock market slump, reduce turnover, not only directly affects the income of this stamp, but also the ecological environment of the financial sector tends to deteriorate. .On the one hand, the stock market directly affects the Depression through the capital market, financial sector reform. .In recent years, seized the capital market is a golden opportunity to take the cattle, not only the banking industry completed the ICBC, BOC, CCB and other listed state-owned bank reform, and some joint-stock banks, city commercial banks, restructuring and listing, so that our banks .sector reform has achieved success with the stage of landmark significance; the insurance industry has also completed the Ping (58.39, -1.43, -2.39%), China Life (33.35, -0.49, -1.45%), China Pacific Insurance (34.45,0.22, .0.64%) of the market, the insurance sector is greater and greater influence; also ushered in the securities industry, including CITIC Securities (57.20, -1.30, -2.22%), including listing a number of brokerage; and the bull market fund industry is expanding financial aid .demand, access to the extraordinary development, as China's financial industry can not be underestimated force. .China's financial industry is a thriving capital market in the boost, the ecological environment of continuous improvement, growing competition, a group of financial markets in the world becoming an influential financial institutions is on the rise. .However, what has been achieved, after all, is only preliminary, and further financial reform in China still need to push a thriving capital market support, such as the reform of Agricultural Bank of China, Insurance Companies, broker and stronger, the fund industry, directly .financing the expansion and so on. .No doubt, the stock market slump would not only affect the realization of these goals and tasks, and the capital market as financial institutions, mixed operation system platform, the recession will affect the bank's weak capital firms, insurance companies and other investments in the capital markets, .thus indirectly transfer the risk to the bank. .If we add the last of the expanding credit crisis deepening turmoil in global financial markets, the financial sector as the capital market downturn will lead to more risks and crises. .For example, some brokerage firms in January this year, there have been tens of millions of losses, the individual brokers or even loss of nearly billion, which is part of the broker is the main reason for losses caused by stock prices due to proprietary business book Fukui. .Not even the collapse of the securities company, such capital market is clearly not stable. .If the financial crisis because of depressed market, then the cost to revenue from stamp duty can not make up District. .</ P> <P> the other hand, the stock market slump also makes a variety of products developed by financial institutions, sales and return on the plight faced. .For example, some focus on the development of new shares hit the bank financial products, bring down the stock market performance of IPO first day of the general, leaving the yield decline. .If the stock market continues to slump, new issues facing difficulties, these financial products will suffer no rice pot, unprofitable difficulties. .In addition, due to the recent stock market decline, investors in newly issued stock funds apathy, difficulties in fund sales, and even began to force individual banks to the Bank staff assessed consignment of funds to buy their own products, the new fund issue cold snap. .As of January 22, 39 mutual fund companies and 218 funds (excluding QDII) report published in the fourth quarter of 2007 show that this part of the fourth quarter of last year, the overall loss of 52.2 billion fund, which is far from the end of June 2005 the Fund .overall loss for the first time. .Further decline as the stock market, depressed capital market will also give some financial institutions sales and return worse. .</ P> <P> In addition, depressed capital market will not only affect financial institutions, including through the capital markets business innovation and institutional innovation, including a series of financial innovation, and thus make the main contradiction in the current financial reform can not be resolved, but also .enterprises have cash flow problems will affect the return on bank loans, thereby increasing non-performing loans of banks, the bank's performance be affected. .The decline in performance of banks, in turn inevitably affect the performance of bank share prices, making the stock market accounted for a larger weight in the banking sector fell, dragging down the market index, the capital market situation into a vicious cycle of downturn. .</ P> <P> Despite the impact of sluggish capital market factors, reduction of stamp duty can not completely solve the current problems in capital markets, but after all this is a market transaction costs can be reduced, active markets and enhance investor confidence .important policy, but also can rapidly improve the financial environment of important initiatives. .</ P>.