Shanghai Daily news

Shares in Shanghai rose yesterday after a news report said China is expected to scrap taxes on stock dividends to spur the securities market.
The Shanghai Composite Index, which covers yuan-denominated A shares and foreign-currency B shares, added 0.78 percent to 1,060.16. The A-share Index grew 0.79 percent to 1,112.75 and the B-share Index inched 0.07 percent up to 66.86.
"The duty exemption may temporarily steady the market," said Zhang Li, a Huatai Securities Co analyst. "But the uptrend is set to be short-lived as investors are worried about a glut of shares the disposal of state ownership will create."
The government will abolish a 20 percent tax on cash dividends paid by listed firms to investors starting from Wednesday, the Economic Observer reported over the weekend, without identifying the source.
The move was outlined in a May 24 session by the State Council, or the Cabinet, with five government agencies, including the Ministry of Finance and the China Securities Regulatory Commission, the paper said.
Huadian Power International Corp, the nation's third-biggest listed power producer, powered 1.87 percent to 2.73 yuan. The utility eased prices charged on electricity distributors by 7 percent at its Guangan power plant.
Jiangxi Copper Co, China's largest producer of the metal, gained 1.15 percent to 4.38 yuan.