01.06.2007
Market Watch: Markets in China fall with increase in trading tax
China's feverish stock market plummeted Wednesday after Beijing moved to impose higher taxes on trading activity.
The tax, which was announced early in the day, was the government's latest attempt to rein in the world's hottest stock market after a growing number of economists and analysts warned about the threat of a stock market bubble in China.
Investors reacted by selling shares and pushing the two major stock exchanges sharply lower. The Shanghai Composite Index plunged 6.5 percent to close at 4,053.09. The Shenzhen Composite Index dropped 7.2 percent to close at 1,199.45.
Read the full article by David Barboza and Keith Bradsher (published in the International Herald Tribune).
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