(Yicai Global) Jan.10 -- China's stock market closed lower today after a weak opening, with all three major indexes down on yesterday.
The Shanghai Composite Index dropped 0.36 percent to close at 2,535.1 with a turnover of CNY132.7 billion (USD19.5 billion), while the Shenzhen Component Index fell 0.26 percent to close at 7,428.61 with CNY180.7 billion exchanged. The Growth Enterprise Index, also in Shenzhen, closed 0.28 percent lower at 1258.99 with a trading volume of CNY55 billion.
The ultra-high voltage, 5G and smart speaker sectors were among the major gainers, while brokerage, insurance and future stocks performed badly.
Chinese Premier Li announced that the country will roll out preferential tax reduction measures for small and micro businesses and lower the threshold for them to enjoy income tax incentives.
China will also provide long-term funds with favorable interest rates through the cut in reserve requirement ratios to maintain steady and sound development in the stock, bond market and foreign exchange markets, said Yi Gang, governor of the People's Bank of China.
Analysts believe that China's A-share market will benefit from the policy, according to financial news outlet EastMoney.
Editor: William Clegg