New normal push lifts shares to fresh high
Print Edition
SHANGHAI stocks yesterday rose to a new high in nearly seven years as investors were cheered by policy-makers’ new measures to push forward a “new normal” of sustainable economic growth.
The Shanghai Composite Index rose 1.95 percent to 3,687.73 points.
Vice Premier Zhang Gaoli said on Sunday that the country will deepen reform to propel entrepreneurship and innovation in order to unleash new vitality in economic growth. He urged more efforts to focus on the “new normal” which refers to the economy shifting from quantity and speed of growth to quality and efficiency.
He said China will continue to open the economy wider and create a stable, fair and predictable business environment.
ANZ Bank said the Chinese government may unveil more details about the “One Belt, One Road” initiative during the Boao Forum, which will take place from Thursday to Sunday.
A US$40 billion Silk Road Fund has been set up to boost China’s trade ties with neighboring countries.
China Railway Construction Corp surged by the daily 10 percent limit to 17.57 yuan (US$2.83), China Railway Group rallied 9.98 percent to 11.35 yuan, and Jinxi Axle Co rose 3.84 percent to 23.55 yuan.
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