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Chinese shares rise on hope of more capital inflows
By Ye Zhen |
January 30, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks gained for a straight third day to an eight-month high as market sentiment was boosted by the government's urbanization plan while the securities regulator plans to expand the investment quota for Taiwan investors.
The key Shanghai Composite Index advanced 1 percent to 2,382.48 points, the highest close since May 30. Daily turnover was 124.9 billion yuan (US$20.1 billion).
China's urbanization plan will play an important role in expanding domestic consumption demand and thus become the key impetus behind the transformation of economic and social developments, Ma Xiaohe, deputy chief of the Academy of Macroeconomic Research with the National Development and Reform Commission, told the 21st Century Business Herald.
Ma expects the urbanization initiative to bring in more than 25 trillion yuan in investment and consumption and contribute 3.5 percent to 6.8 percent to China's economic growth in the next 10 years.
China's securities regulator is considering earmarking 100 billion yuan investment quota for Taiwanese investors who seek to invest in mainland stock markets under the Renminbi Qualified Foreign Institutional Investor scheme, Guo Shuqing, chairman of the China Securities Regulatory Commission, said at a conference yesterday.
A set of policies, such as lowering the threshold for Taiwanese investors and allowing Taiwanese citizens now living on the mainland to invest in the A-share market, were announced at the conference in a bid to link capital markets across the Taiwan Straits.
Gemdale Corporation led gains among property developers, soaring 9.8 percent to 7.84 yuan, after the company said its Hong Kong-listed subsidy raised HK$700 million through a private placement.
China Vanke, the nation's biggest developer, advanced 3.8 percent to 12.67 yuan. Poly Real Estate, the second largest developer, rose 3 percent to 14.09 yuan.
The key Shanghai Composite Index advanced 1 percent to 2,382.48 points, the highest close since May 30. Daily turnover was 124.9 billion yuan (US$20.1 billion).
China's urbanization plan will play an important role in expanding domestic consumption demand and thus become the key impetus behind the transformation of economic and social developments, Ma Xiaohe, deputy chief of the Academy of Macroeconomic Research with the National Development and Reform Commission, told the 21st Century Business Herald.
Ma expects the urbanization initiative to bring in more than 25 trillion yuan in investment and consumption and contribute 3.5 percent to 6.8 percent to China's economic growth in the next 10 years.
China's securities regulator is considering earmarking 100 billion yuan investment quota for Taiwanese investors who seek to invest in mainland stock markets under the Renminbi Qualified Foreign Institutional Investor scheme, Guo Shuqing, chairman of the China Securities Regulatory Commission, said at a conference yesterday.
A set of policies, such as lowering the threshold for Taiwanese investors and allowing Taiwanese citizens now living on the mainland to invest in the A-share market, were announced at the conference in a bid to link capital markets across the Taiwan Straits.
Gemdale Corporation led gains among property developers, soaring 9.8 percent to 7.84 yuan, after the company said its Hong Kong-listed subsidy raised HK$700 million through a private placement.
China Vanke, the nation's biggest developer, advanced 3.8 percent to 12.67 yuan. Poly Real Estate, the second largest developer, rose 3 percent to 14.09 yuan.
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