(Yicai Global) Dec. 21 -- Stock markets on the Chinese mainland opened lower this morning despite a tax official revealing that Beijing is studying the possibility of large-scale corporate tax cuts.

The Shanghai Composite Index opened 0.38 percent lower at 2,526.55, while the Shenzhen Component Index started the day at 7,399.15, down 0.37 percent. The ChiNext Price Index, which tracks growth enterprises in Shenzhen, began 0.32 percent down at 1,274.04.

Sun Ruibiao, deputy commissioner of the State Administration of Taxation, said yesterday in Beijing that the bureau was studying a new round of "substantial" tax cuts, without going into further details.