Ｓｔａｍｐ Ｔａｘ：Ｓｔｏｃｋ Ｍａｇｉｃ Ｗｏｒｄｓ ｔｏ Ｃｈｉｎａ？

Ｘｕ　Ｈｕｉ

Background

Stock market is on the Chineses lipsagain. On April 22, the benchmark Shang-hai Composite Index witnessed anotherhistorical low within the day, 2,990.79,before bargain hunting pushed it to close0.99 percent higher at 3,147.79. It wasthe lowest level in 13 months, since theChinese spring festival period in 2007,when it cheerfully broke through the 3,000threshold for the first time.