Article/Opinion Leader Columnist Pi Haizhou
Although Yan Feng's proposal to reduce the stamp tax on stock transactions complied with the appeal of the market, it will take a long time for the proposal to be adopted and finally realize the adjustment of the stamp tax on stock transactions. In the short term, the results are basically invisible. Therefore, the market does not need to interpret excessively the proposal to reduce the stamp duty on stock transactions.
At the recent "two sessions", members of the National Committee of the Chinese People's Political Consultative Conference Guotai Jun'an Yan Feng, Chairman of the Board of Directors, paid attention to the suggestion of reducing stamp duty on stock transactions. Yan Feng suggested reducing the stamp duty on stock transactions to stimulate various demands and increase effective demand through the development of the capital market. Yan Feng, a member of the committee, believes that reducing the stamp tax on stock transactions has little impact on the national tax revenue, but it can stimulate investment and consumption at the same time, and can also effectively expand the financing channels of private enterprises.
Yan Feng's suggestion was obviously over interpreted by the market. As for Yan Feng's suggestion, some people believe that the stock market will reduce the stamp duty on stock transactions, and even more people believe that the bull market is coming. This kind of interpretation is obviously misleading to the market.
It should be said that Yan Feng's proposal really conforms to the aspirations of investors. Because in recent years, the market has been calling for reducing stamp duty intermittently. Especially when the stock market is in a downturn, when the stock market is in a 3000 point defense war, the voice of reducing stamp tax will always ring in the market. Therefore, reducing stamp duty on stock transactions has always been a concern of the market. This is also the reason why Yan Feng's suggestion has attracted the attention of the market.
The reason why the market pays attention to reducing the stamp tax on stock transactions is that reducing the stamp tax on stock transactions can reduce the cost of stock transactions, which can help to activate the market to a certain extent. To use Yan Feng's suggestion, it can "stimulate investment". This effect is obvious. As for whether it can stimulate consumption and effectively expand the financing channels of private enterprises, this statement may be exaggerated. But as an investor, it is enough to reduce transaction costs and activate the market, which is actually the most important thing for investors.
Of course, Yan Feng's proposal is also based on the interests of securities companies. After all, Yan Feng is the chairman of Guotai Jun'an, and reducing the stamp tax on stock transactions is a major benefit for securities companies. Because the stamp duty on stock transactions has been reduced and investors have been active in trading, securities companies can receive more commission income in the process of investors' active trading. Therefore, as the chairman of Guotai Jun'an, Yan Feng proposed to reduce the stamp tax on stock transactions, apparently for the interests of securities companies themselves.
But Yan Feng's suggestion is just a suggestion, which does not mean that the management really reduces the stamp tax on stock transactions. After all, personal suggestions and management decisions are different and cannot be confused. And even if the stamp duty on stock transactions is really reduced, it will not necessarily usher in a bull market. After all, a round of bull market is not achieved by a single positive, but the result of multiple factors. The reduction of stamp duty on stock transactions is more likely to stimulate the short-term rise and fall of the stock market. If the long-term rise of the stock market can be triggered, then the stock market of those countries with zero stamp tax will only have a bull market and will not fall, but this is obviously not true.
Moreover, since July 1 last year, the Stamp Tax Law of the People's Republic of China (hereinafter referred to as the "Stamp Tax Law") has been officially implemented, which means that the adjustment of stamp tax has been included in the scope of legislative amendment, and it is no longer said that adjustment can be adjusted. Before the introduction of the "Stamp Tax Law", the CSRC can make a report on the adjustment of the stamp tax, or lead the discussion with the Ministry of Finance and the State Administration of Taxation to form a decision, and then report to the State Council for approval. However, after the introduction of the "Stamp Tax Law", the adjustment of the stamp tax must be carried out according to the law amendment procedure. The case must be filed first, and then reviewed by the Standing Committee of the National People's Congress. Therefore, the process will be longer, which also means that the adjustment of the stamp tax on stock transactions will be more difficult.
Therefore, although Yan Feng's proposal to reduce the stamp tax on stock transactions complies with the appeal of the market, it will take a long time for the proposal to be adopted and finally realize the adjustment of the stamp tax on stock transactions. In the short term, the results are basically invisible. Therefore, the market does not need to interpret excessively the proposal to reduce the stamp duty on stock transactions.
(The author of this article introduces that a financial commentator, who has honed his unique vision and opinion on the stock market through 20 years of stock market training, has written the book "Easily speculate in stocks".)
