The market viewed the increase as mild compared to the potential introduction of harsher austerity measures such as capital gain tax on stock trading and property withholding tax.

市场认为，与征收股票资本利得税和房地产预提税等可能实施的更为严厉的措施相比，提高存款准备金率仍算是温和的。

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The PVF allows the investor to receive an up-front payment (typically, 75-85% market value) in exchange for delivery of a variable amount of shares or cash in the future, at which time the capital gain is realized for tax purposes and the tax on the capital gain is paid.

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As DFA explains to its investors, managing a portfolio for tax benefits centers on minimizing your capital gain tax exposure when stocks are sold.

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Raising your personal income tax rate on dividend and capital gain income to 30 percent increases your effective tax rate to 45.3 percent.

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