Fund transaction handling fee is lowered-to
support favorable policies in the capital market to increase
Our reporter Li Hualin and Zhou Lin
Since last year, my country's securities investment fund market has benefited from the money-making effect and has been hotter.
A few days ago, the Shanghai Stock Exchange and the Shenzhen Stock Exchange both issued announcements stating that they will lower the fund transaction handling fee to 0.004% of the transaction amount from July 19 to support the development of the fund market and arouse market attention.
Fund transaction fees refer to the related transaction fees incurred by the fund in securities transactions.
The transaction fees of my country's securities investment funds mainly include stamp duty, transaction commission, transfer fee, handling fee, securities management fee, etc. The trading commission is collected by the broker according to a certain percentage of the transaction amount, and the stamp duty, transfer fee, handling fee, securities management fee, etc. It is collected by the registration company or the exchange in accordance with relevant regulations.
In recent years, the Shanghai and Shenzhen Stock Exchange have conscientiously implemented the relevant tax and fee reduction policies and arrangements of the Party Central Committee and the State Council, and effectively reduced the cost of market participation in order to stimulate market vitality.
As early as August 2015, the Shenzhen Stock Exchange had adjusted the transaction fee for securities investment funds from a bilateral charge of 0.0975‰ of the transaction amount to a bilateral charge of 0.0487‰ of the transaction amount; on this basis, this time it was reduced again.
At the beginning of June this year, the Shanghai Stock Exchange further waived the initial listing fee for all newly listed companies, and lowered the listing fee for listed companies with a total equity of less than 800 million shares (inclusive).
Although the reduction in fund transaction handling fees this time is modest, many investors believe that this move is symbolic and shows the positive attitude of the regulatory authorities to support the development of the fund market.
"Decreasing the handling fee is a necessary move for the capital market to implement tax and fee reductions. It will benefit enterprises, the people, and the enterprises and the people. It can optimize the business environment and promote the growth of China's fund companies." Nankai University Financial Development Research Institute Dean Tian Lihui said that the reduction of transaction costs will directly benefit some categories of the fund market, which will help stimulate the trading of ETFs, closed funds and other fund products. In particular, publicly offered REITs that have just been traded may benefit, which will benefit the fund market in the long term. Increase activity, "This also illustrates the regulatory attitude from the side, and hopes that the fund market will develop faster and better. However, the reduction of transaction handling fees this time is not for all varieties and has relatively limited impact on other fund categories.
Pan Helin, executive dean of the Institute of Digital Economy, Zhongnan University of Economics and Law, also believes that the reduction of fund transaction handling fees will help release market vitality.
"Existing fund transaction costs are generally slightly higher. Lowering the cost from the policy level can reduce the purchase cost of fund investors and improve the liquidity of the fund to a certain extent, which will benefit the fund market as a whole," Pan Helin said in the longer term. The significance of this is that this indirectly supports the development of the capital market. With the comprehensive advancement of the registration system reform, institutional investment will become the mainstream. The reduction of fund transaction handling fees can guide institutions to invest more in the stock market in the form of funds and introduce the capital market More long-term funding.
"Tax reduction and fee reduction is a long-term policy of the capital market, which is conducive to active transactions and enhances the enthusiasm of investors to participate. This type of policy is unlikely to target a single species such as publicly offered REITs. It should be the result of overall consideration." Ping An Securities Fund research team executed General Manager Jia Zhi said.
It is foreseeable that the following policies to support the capital market will continue to increase.
The Shanghai and Shenzhen Stock Exchange said that in the next step, it will implement various tax and fee reduction policies, continue to improve the pertinence and effectiveness of the policies, continuously optimize the quality and efficiency of services, and strive to make tax and fee reductions "real money". We will provide benefits to the enterprise and the people, and help the fund market to develop in a long-term, healthy and stable manner.
Our reporter Li Hualin and Zhou Lin
Our reporter Li Hualin and Zhou Lin