The Ministry of Finance has released the latest figures: from January to August 2026, securities transaction stamp duty accumulated RMB 216 billion in revenue, up 82% year over year. Of this, August alone contributed RMB 29.6 billion, up 17.93% year over year, with a month-on-month decline of about 6%.
Growth has slowed, but water levels remain high. In the first eight months, the cumulative growth rate was 82%, a sharp drop from the 99.2% recorded in the first seven months. The month-on-month increase in August also cooled from the earlier pattern of regularly doubling. Still, the single-month revenue of RMB 29.6 billion remains higher than the revenues in February, April, and June this year, and also higher than every month in the previous year.
An interesting phenomenon is that in August, the average daily trading value on China’s A-share market fell to an intrayear low of RMB 2.25 trillion, yet stamp duty revenue remained higher than the RMB 28.7 billion recorded in June. This suggests that month-by-month tax revenue is not perfectly synchronized with trading volumes in the same month; the timing of funds being collected and differences in statistical methodology can introduce fluctuations.
Since the beginning of this year, the stamp duty has maintained high growth. Behind this are four forces: (1) a surge in trading value, (2) high-frequency turnover of existing funds, (3) quantitative funds contributing more than 30% of total trading, and (4) increased trading volume driven by the growth in margin financing balances. From January to August this year, the cumulative trading value of A-shares reached 427 trillion yuan, up more than 70% year over year. Average daily trading value was 2.67 trillion yuan. This is the fundamental driver of the incremental growth. Brokerage firms hold differing views on the outlook, but they generally agree on a volatile, range-bound pattern of “the upside has a ceiling and the downside has a floor.”#比特币突破8万美元大关 $AKE
