(Yicai Global) Dec. 21 -- Stock markets on the Chinese mainland closed lower after today's morning session, with the possibility of large-scale corporate tax cuts no match for the current risk-dodging sentiment.

The Shanghai Composite Index fell 1.01 percent to 2,510.78 at the lunch break after traders swapped CNY57.6 billion (USD8.4 billion) worth of shares, while the Shenzhen Component Index hit the mid-day break at 7,337.25, down 1.20 percent with a trading volume of CNY79.5 billion.

The ChiNext Price Index, which tracks growth enterprises listed in Shenzhen, closed down 0.59 percent at 1,270.46, with investors trading CNY23.5 billion worth of shares.

Sun Ruibiao, deputy commissioner of the State Administration of Taxation, said yesterday in Beijing that the bureau was studying a new round of "substantial" tax cuts, without going into further details.