New securities account openings in China have plummeted from two months ago, primarily due to the government’s recent tripling on the stock trading tax pushing stock prices lower, Bloomberg reports.

Since the government increased the trade stamp from 10 basis points to 30 basis points on May 29, the China Shanghai Index has fallen 12%, wiping out $300 billion of market value. Subsequently, in the first week of June, investors opened up 240,485 accounts, down from a peak of 1.08 million new accounts opened in the last week of April, according to data from the China Securities Depository & Clearing Corp.

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