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.
China’s local governments should be allowed to expand their use of bond sales as a way of raising funds to make their debt more transparent, China Daily cited Jia Kang, head of the Ministry of Finance’s research institute, as saying.
Hong Kong stocks fell, paring this week’s gain, as France’s borrowing costs rose at a bond auction, adding to concern that Europe’s debt crisis is deepening and tempering gains by Chinese oil producers after a tax cut.