China will dismantle its rail ministry as the nation’s new leaders pare bureaucracy and battle graft in a department that has more than 2 million employees and a debt load larger than Denmark’s economy.
U.S.-listed Chinese stocks fell for a second day, led by Baidu Inc. and Soufun Holdings Ltd, on concern policy makers won’t do enough to blunt an economic slump as the government keeps restrictions on the housing market.
China may introduce an environment protection tax by the end of 2015, the official Xinhua News Agency reported today, citing Jia Kang, head of the Chinese Finance Ministry’s research institute for fiscal science.
China’s benchmark stock index rose from a one-month low on speculation the government will take more fiscal measures to support economic growth, overshadowing concern that the government will keep property curbs next year.
China plans to shift as much as 3 trillion yuan ($463 billion) of debt off of local governments, reducing the possibility of defaults that could threaten stability, Reuters reported, citing unidentified people.