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Measures power shares to close up
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SHANGHAI stocks rose yesterday for a second day as investors were cheered by economic stimulus measures from the government.
The Shanghai Composite Index climbed 2.29 percent to 3,243.09 points.
China will coordinate funds to accelerate infrastructure projects as well as cut fees and taxes on firms, the Ministry of Finance said in a statement on its website late on Tuesday.
The central government will issue guidelines on funding for small and emerging businesses as well as promote a public-private-partnership model to lure capital into the economy.
According to Zhejiang Daily yesterday, Liu He, head of the Central Financial Work Leading Group Office, said China’s swelling middle classes and consumption potential will power the economy. He said the economy is seeking new models of growth with structural adjustment that suits a long-term perspective.
Japanese investment bank Nomura is optimistic about China’s stock market.
“Although a leverage-fueled bull market has ended, the market is expected to be resilient till early next year, boosted by stable economic growth, reform progress and further relaxation in monetary and fiscal policies,” Wendy Liu, head of China equity research at Nomura, said at the bank’s annual investor forum in Shanghai yesterday.
The State Council yesterday approved a plan for a special economic zone in Fuzhou, Fujian Province, to serve as a link between Taiwan and the Chinese mainland.
Fujian Cement Inc surged 9.94 percent to 7.41 yuan (US$1.16), and Citychamp Dartong Co gained 5.66 percent to close at 7.84 yuan.
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