China Intervenes to Calm Capital Markets

WSJ What’s News

The Wall Street Journal

News, Daily News

4.1 • 4.2K Ratings

🗓️ 28 August 2023

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

A.M. Edition for Aug. 28. Beijing cuts taxes on stock trading and took steps to limit new IPOs today in an attempt to reverse this year’s market slide. WSJ reporter Rebecca Feng explains why a broader economic turnaround will require further effort. Plus, Yuka Hayashi breaks down how Treasury Secretary Gina Raimondo hopes a trip to China can pull it and the U.S. out of a diplomatic tail spin. And 3M nears a settlement in the largest tort case in US history. Luke Vargas hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:21.8	and trade like a pro. Cryptocurrencies are unregulated in the UK,
0:25.5	profits may be subject to capsule gains tax and the value of cryptocurrencies can go down
0:29.2	or up. China intervenes to boost markets, but fixing its property sector won't be so easy.
0:41.1	Plus America's Commerce Secretary visits Beijing. Can she salvage US-China ties?
0:47.6	These new restrictions on technology imports are definitely having broader implications.
0:54.4	The big question is whether the two countries can allow their business to continue operating
1:01.7	outside of these small areas.
1:04.6	And 3M, near the settlement in the largest torque case in US history. It's Monday, August
1:11.2	28. I'm Luke Vargas for the Wall Street Journal and here is the AM edition of What's News,
1:17.5	the Top Headlines and Business Stories, moving your world today.
1:27.2	We begin in China, where the government this morning announced several initiatives to
1:31.2	boost the markets after a broad slide in Chinese stock prices in recent months. Markets
1:37.0	reporter Rebecca Fung is in Hong Kong. Rebecca, tell us about these moves. What exactly
1:41.7	has been announced here?
1:43.2	The first thing which was done by Ministry of Finance is to cut STEM duty on securities
1:47.9	transactions from 0.1% to 0.05%, and given that STEM duty is the big chunk of stock trading
1:56.2	cost, this should be able to spur trading and boost confidence.
2:00.2	And the second thing the Chinese securities regulator did was they said that they would
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