China halves stock transfer fees in bid to reinvigorate bearish market

The move is aimed at "promoting stable and healthy operation of the capital market, stimulating market vitality and enhancing support for the real economy," the China Securities Depository and Clearing Co said in a statement on its website late on Thursday. Stock transfer fees will be cut to 0.001% of stock trading turnover, it said.

China's stock clearing agency said it will halve stock transfer fees from Friday to reduce investors' trading costs and to reinvigorate markets. The move is aimed at "promoting stable and healthy operation of the capital market, stimulating market vitality and enhancing support for the real economy," the China Securities Depository and Clearing Co said in a statement on its website late on Thursday.

Stock transfer fees will be cut to 0.001% of stock trading turnover, it said. The benchmark Shanghai Composite Index has slumped more than 8% in April, heading for its worst month in six years, as China's economy suffers from COVID-19 lockdowns in major cities.

Last month, the clearing agency cut or waived some registration and settlement fees to help revive growth in virus-hit areas.