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China stocks extend rally on positive policy outlook
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Chinese shares remained in positive territory for the second-consecutive day on Wednesday following the government's fresh fiscal stimulus measures.
The benchmark Shanghai Composite Index was up 2.29 percent to end the day at 3,243.09 points.
The Shenzhen Component Index jumped 2.91 percent to close at 10,620.13 points. The ChiNext Index, China's NASDAQ-style board of growth enterprises, gained 3.53 percent to close at 2,071.72 points.
Total turnover on the two bourses was 844.9 billion yuan (US$132.8 billion), up from 524.2 billion yuan the previous trading day.
Winners outnumbered losers 886 to 27 in Shanghai, and by 1,359 to 29 in Shenzhen. Stocks in the textile and property sectors gained the most.
The Ministry of Finance on Tuesday rolled out policies to shore up growth, such as coordinating funds to accelerate infrastructure projects, activating idle money and widening tax breaks.
Other measures include guidance funds for small and emerging businesses, and the promotion of public-private-partnerships (PPP).
New growth impetus is being generated and China's economic future is bright, said Liu He, head of the Central Financial Work Leading Group Office.
He said that the current economic difficulties were normal and they will end, adding that more stable market expectations, more initiatives and stronger vitality will help guarantee healthy development.
According to an HSBC report, the Chinese economy will pick up pace in the second half due to pro-growth measures and maintain its full-year GDP forecast at 7.1 percent.
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