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Reform plan details lift index by 3%
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Shanghai shares jumped nearly 3 percent to gain the most in more than two months yesterday after China unveiled a package of bold reform measures to overhaul the world’s second-largest economy.
The Shanghai Composite Index soared 2.87 percent, the biggest advance since September 9, to 2,197.22 points.
China on Friday unveiled a sweeping reform plan covering economic, legal, cultural and social issues. The plan, which fleshed out guidelines adopted at the Party’s plenum, pledges to relax the one-child policy, expand farmers’ land rights, encourage private investment in state businesses and give the market the lead role in the economy.
“The full version, if successfully implemented, could help China achieve a balanced and sustainable growth in the long term,” said Zhu Haibin, chief economist for China at JPMorgan.
Industrial Securities analysts said overseas capital may flow back to the A-share market as the plan has brightened China’s economic outlook.
Brokerages led the gains as the plan indicated that China will introduce a registration-based system for new share offerings in which the market decides on the scale, timing and pricing of new listings.
“This reform will lead to an increase in new share offerings and thus benefit brokerages’ investment banking business,” Essence Securities said.
CITIC Securities surged by the daily limit of 10 percent to 12.71 yuan (US$2.09). Haitong Securities jumped 8.8 percent to 11.70 yuan, and China Merchants Securities Co rose 6.8 percent to 11.26 yuan.
China’s securities regulator has halted approval of initial public offerings for one year as it cracked down on false IPO prospects.
As of November 14, 761 companies were waiting for regulatory approval to launch their IPOs on the Shanghai and Shenzhen bourses, CSRC data showed.
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