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May 21, 2015

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Home » Business » Finance

Manufacturing blueprint boosts shares

By Ji Xiang | May 21, 2015, Thursday | Print Edition

SHANGHAI stocks gained yesterday as market sentiment continued to be lifted by the central government’s blueprint to advance China’s high-value manufacturing industries.

The Shanghai Composite Index rose 0.65 percent to 4,446.29.

The Ministry of Industry and Information Technology posted seven articles on its website on Tuesday elaborating on the “Made in China 2025” 10-year blueprint released earlier by the State Council, China’s Cabinet, which aims to propel China to be an advanced global manufacturing country.

In an interview with China Electronics News, the ministry said China will continue to boost innovation, improve quality, refine company structure and reduce pollution.

Industrial manufacturers continued their surge, with Xingguang Agricultural Machinery Co up by the daily 10 percent limit to 60.91 yuan (US$9.82), Citic Heavy Industries Co rising 9.99 percent to 16.74 yuan, and CSSC Offshore & Marine Engineering Co jumping 8.74 percent to 63.59 yuan.

Shares of telecommunications firms also rose after the government said yesterday that it will invest over 430 billion yuan in 2015 and over 700 billion yuan in 2016 and 2017 to improve high-speed broadband network as well as provide 4G access in more than 14,000 villages by the end of 2015, under a guideline issued by the State Council.

Datang Telecom Technology Co soared 9.99 percent to 32.26 yuan, Tian Jin Global Magnetic Card Co added 4.81 percent to 12.85 yuan, and Shanghai Potevio Co climbed 3.34 percent to close at 26.59 yuan.

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