CHINA stock prices soared 9.06 percent at opening today after the government moved to scrap the stamp tax on stock purchase, effective today, in a move to boost the equities market.

The benchmark Shanghai Composite Index opened at 2,067.64 points, up 171.81 points. Nearly all the stocks rose to the daily limit of 10 percent at opening.

The country's Ministry of Finance announcement late yesterday that eliminated a 0.1 percent tax on share purchases. An equivalent 0.1 percent tax on share sales remains in effect.


The move came after domestic stocks fell for three consecutive days under the influence of US financial market upheaval.

The government also announced plans to use an investment fund to buy shares in three major banks.