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By Shangguan Zhoudong (chinadaily.com.cn)
Updated: 2007-08-15 15:11

The tax on personal bank savings interest has been lowered from 20 to five percent as of today, according to a report from hexun.com.

On July 20, the central bank decided to raise interest rates and cut the withholding tax on interest income in a coordinated move to get the blistering economy onto a healthier footing.

The National People's Congress authorized the government to change or abolish the tax in June.

Related readings:  China raises benchmark interest rate by 27 basis points  Interest tax cut for foreigners too  China slashes tax on interest income  Tax on interest hinders consumer spending push

Meanwhile, banks' reserve requirement ratio was raised by 0.5 percentage points, also effective today, meaning that about 160 billion yuan in bank capital will be frozen.

This marks the sixth time the central bank has raised the reserve requirement ratio this year. The ratio will reach 12 percent for big lenders after the adjustment.

To slow down the economy and control bank loans, the central bank has also raised interest rates three times this year.

Although a series of tightening measures were unveiled, China's gross domestic product was 11.5 percent higher in the first half than the same period of last year, half a percentage point up from the 2006 first-half rise, and fixed assets investment soared 25.9 percent, according to statistics from the National Bureau of Statistics.

The tax was introduced in November 1999 to encourage domestic consumption.