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Government subsidy scheme gives shares a boost
By Ye Zhen |
May 17, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks gained this morning after the central bank governor said the government will continue to support development and innovation in the country's capital market.
The benchmark Shanghai Composite Index gained 0.68 percent, or 16.02 points to 2,362.21. Turnover stood at 39 billion yuan (US$6.19 billion) after the morning session.
The People's Bank of China, China's central bank, will support cross-border exchange-traded fund products, as well as expand the investment scale for qualified foreign institutional investors and yuan-based QFIIs, said Zhou Xiaochuan, governor of the central bank.
Brokerages led the market higher. Sinolink Securities Co gained 5.3 percent to 14.97 yuan. Southwest Securities Co rose 4.4 percent to 10.15 yuan. Citic Securities, the biggest listed brokerage, climbed 2.9 percent to 13.19 yuan.
Consumer electronics providers benefited from the government's latest move to offer financial support for energy-saving appliances and automobiles. Hefei Rongshida Sanyo Electric Co rose 6.7 percent to 9.08 yuan. Sichuan Changhong Electric Co gained 0.9 percent to 2.34 yuan.
The central government has announced a national subsidy of up to 36.3 billion yuan for the purchases of energy-saving electronics and automobiles, said a statement released after a State Council executive meeting presided over by Premier Wen Jiabao yesterday.
The government will allocate 26.5 billion yuan to subsidize the purchases of household electronics that meet energy-saving standards, including air conditioners, flat-panel displays, refrigerators, washing machines and water heaters, according to the statement.
The benchmark Shanghai Composite Index gained 0.68 percent, or 16.02 points to 2,362.21. Turnover stood at 39 billion yuan (US$6.19 billion) after the morning session.
The People's Bank of China, China's central bank, will support cross-border exchange-traded fund products, as well as expand the investment scale for qualified foreign institutional investors and yuan-based QFIIs, said Zhou Xiaochuan, governor of the central bank.
Brokerages led the market higher. Sinolink Securities Co gained 5.3 percent to 14.97 yuan. Southwest Securities Co rose 4.4 percent to 10.15 yuan. Citic Securities, the biggest listed brokerage, climbed 2.9 percent to 13.19 yuan.
Consumer electronics providers benefited from the government's latest move to offer financial support for energy-saving appliances and automobiles. Hefei Rongshida Sanyo Electric Co rose 6.7 percent to 9.08 yuan. Sichuan Changhong Electric Co gained 0.9 percent to 2.34 yuan.
The central government has announced a national subsidy of up to 36.3 billion yuan for the purchases of energy-saving electronics and automobiles, said a statement released after a State Council executive meeting presided over by Premier Wen Jiabao yesterday.
The government will allocate 26.5 billion yuan to subsidize the purchases of household electronics that meet energy-saving standards, including air conditioners, flat-panel displays, refrigerators, washing machines and water heaters, according to the statement.
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