Interest tax relief ahead of the stock market have little effect on digestion.

<P>: Http:// hearing, the twenty-eighth session of the Tenth National People's Congress, 27 held its second plenary meeting to consider the State Council on the deliberation of the National People's Congress on Authorizing the State Council may stop on savings deposit interest income .reduction of personal income tax levy, or the motion of the draft decision. .In this regard, the experts generally agreed that, whether or suspension or reduction of interest tax, the revenue impact of the stock market is very limited. .</ P> <P> According to the "Securities Times" reported that the government would interest tax "reduction" or "stop collecting" the issue, many experts believe that the possibility of large halved. .However, CICC Chief Economist Ha Jiming, is that from the perspective of balance of negative interest rates should stop collecting because of the role of negative interest rates by half of little change. .</ P> <P> Central University of Finance and Liu Huan, vice president of tax, said tax revenue on the revenue of the real impact is not. .</ P> <P> Ha Jiming believes that the rate of stamp duty on stock transactions increased from 1 ‰ to 3 ‰, if the average daily trading volume of three hundred billion yuan by calculation, the annual 288 billion yuan to increase revenue, even a conservative estimate .Calculation of average daily trading volume two hundred billion yuan, an increase in revenue each year two thousand billion, which is much larger than interest income. .</ P> <P> SW Securities analyst Retrospect from the perspective of the tax structure holds the same view. .</ P> <P> If you stop collecting interest tax, the equivalent of the deposit reserve ratio by sixty basis points, and halved the deposit reserve ratio by the equivalent of thirty basis points. .This new form of the impact of interest rate on the stock market do? .</ P> <P> deposits of the Chinese people are a store of value instead of the traditional practice of sights stocks, funds, insurance, savings, investment and financing multi-level model, this trend is clearly gaining a long time, no change in the short term .. .</ P> <P> Retrospect, "in the present case, the better the overall stock market will not change the residents to stock funds as a preferred investment channel, so a limited impact on the stock market." </ P> <P .> Ha Jiming said: "The interest tax policy changes impact on the stock market, before the market has already digested." </ P> <P> Liu Huan said that the adjustment of interest rates is equivalent to a disguised tax hike, should be bearish on the stock market, but .is good in terms of banks, and banking stocks accounted for 1 / 3 the weight, the rise will inevitably bring up the broader market as a whole. .</ P> <P> Shun Gao Shanwen Securities chief economist also believes that the adjustment of the interest tax if not "accidents", the market reaction will not be too great. .This is because the interest tax exempt or reduce the problem has been discussed a long time, almost "Moments" and therefore, once it is introduced, and adjustment of the background of very different stamp on policy and can not be regarded as "accidents", the market should be more rational .attitude to face. .Obviously, the news digest in advance, the stock market running smoothly advantageously. .</ P> <P> Guotai Junan Researcher Lin Zhaohui senior fixed income that does not adjust the interest tax one-time effect of the outbreak, immediate savings can not be controlled diversion. .In addition, the interest tax adjustment does not mean that real interest rates turned negative as positive, the May CPI up 3.4% in view, not to reverse the negative real interest rate, the stock market may not return to bank funds. .Therefore very important to the future trend of inflation, if the level of inflation as forecast in the year remained at around 3% so, then adjust the interest tax on the limited effectiveness of changes in capital flows. .</ P>.