Local govts in China no longer share securities stamp duty revenue

A clerk counts yuan bills at a bank in Huaibei, East China's Anhui province. [Photo/IC]

BEIJING - Local governments in China will no longer share revenue from stamp duty on securities transactions from Jan 1, 2016, according to a statement released by the State Council on Thursday.

Currently, 97 percent of the revenue goes to the central government with 3 percent going to local governments.

The move is to improve fiscal revenue distribution between the central and local governments, the statement said, without giving more details.