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30-percent cut on transaction fees

The two major stock exchanges and China Securities Depository and Clearing Company will lower transaction fees and transfer fees, said the CSRC.

Fees have been cut to 0.0487 permillage from 0.0696 permillage of the transaction volume for A-share trading, with 20 percent of the charges transferred to an investor protection fund, according to a joint statement of Shanghai and Shenzhen bourses.

The CSDC, in addition, will lower transfer fees to 0.02 permillage of transaction volume from 0.3 permillage and 0.0255 permillage for Shanghai and Shenzhen exchanges respectively, with the cuts will take effect on August 1.

Market concerns the high valuation lacks supportive fundamentals, as the country's benchmark Shanghai gauge jumped 32.2 percent in the first half of the year, while the Shenzhen index rallied 30.2 percent.

Chinese stocks fell for three days this week, with the Shanghai gauge retreating 8 percent.

Xinhua contributed to this story.