Detailed reform plan lifts Shanghai shares 1.39%

By Ye Zhen | November 18, 2013, Monday |

Online Edition

Shanghai stocks rose in morning trading after China unveiled a package of bold reform measures to overhaul the world’s second-largest economy.

The benchmark Shanghai Composite Index gained 1.39 percent, or 29.78 points, to 2,165.61. Turnover was 71.8 billion yuan (US$11.8 billion) by the noon break.

China released a sweeping reform plan on Friday after the market close, laying out 60 concrete tasks covering economic, legal, cultural and social issues.

The plan, adding details to the communiqué issued after a close-door policy meeting in Beijing, pledges to relax one-child policy, expand farmers’ land rights, encourage private participation in state businesses and give the market the lead role in economy.

“The full-version, if successfully implemented, could help China to achieve a balanced and sustainable growth in the long term,” said Zhu Haibin, chief economist for China at JPMorgan.

Financial counters gained after the plan said China will accelerate the convertibility of yuan and interest rate liberalization. China Merchants Bank Co rose 2.5 percent to 10.61 yuan. Hua Xia Bank Co added 1.3 percent to 7.87 yuan.

Brokerages advanced after the plan said China will set up a registration system for initial public offerings. Haitong Securities rose 4.5 percent to 11.23 yuan. CITIC Securities jumped 5.5 percent to 12.19 yuan.

Finance

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Detailed reform plan lifts Shanghai shares 1.39%

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