Chen Maobo: Lowing the printing duty is not enough to stimulate the stock market trans

(Hong Kong News) When Hong Kong stocks performed well, Chen Maobo, director of the Hong Kong Financial Secretary, said that reducing the stamp duty of stock transactions is not enough to structurally stimulate the stock market transactions.The key to improving the performance of the stock market.

Chen Maobo published a blog post on the Department of Finance on Sunday (September 3), admitting that the performance of the Hong Kong stock market in the past period is not ideal. The Hang Seng Index has accumulated more than 8%in August.Printing duty.

However, Chen Maobo said: "Objective data shows repeatedly, and lowering the stamp duty of stock transactions is not enough to structurally stimulate the stock market transaction." He took the experience of 1999 to 2001 as an example.The daily turnover decreased significantly.

Chen Maobo believes that the key to improving the performance of the stock market is that investors expect to be better in the market outlook.This is related to the amount and flow of funds entering the market, depending on economic performance, company performance, whether it is continuously listed on enterprises with potential.

Regarding the impact of geopolitics and market emotions on the stock market, Chen Maobo refers to misunderstandings in Western political prejudices and interfere with investors' confidence in Hong Kong and mainland China.Many overseas investors and institutional representatives failed to go to Hong Kong in their own three -year epidemic. "In addition to many biased reports of Western media, they have more biased their understanding and facts of Hong Kong."

In order to increase its efforts to promote the advantages of Hong Kong, Chen Maobo announced that he will visit Europe and the United States in the future.

In addition, the Hong Kong Special Administrative Region Government officially established a special responsibility group to promote the stock market liquidity last Tuesday (August 29).Chen Maobo said that the special responsibility team will hold the first meeting this week to comprehensively review different internal and external factors, such as the listing system, market structure, and trading mechanism.