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Shanghai shares gain on relaxed rules for FTZ
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Shanghai stocks edged up this morning as shares related to the city’s free trade zone surged after the central government yesterday announced a decision to further liberalize foreign investment regulations in the zone.
The key Shanghai Composite Index added 0.15 percent, or 3.03 points, to 2,048.74. Turnover stood at 30.3 billion yuan (US$5 billion) by the noon break.
The State Council, China’s Cabinet, yesterday announced a raft of rule changes regarding foreign investment in the Shanghai Pilot Free Trade Zone in a bold move to deepen reform in foreign investment management and open more service sectors to foreign investors, according a statement on the council’s website.
The adjustments removed legal barriers for the regulator to relax control on foreign investment in areas from shipping to credit investigation, entertainment and telecommunications, according to the statement.
Shanghai International Port (Group) Co Ltd surged by the daily limit of 10 percent to 5.27 yuan. Shanghai Waigaoqiao Free Trade Zone Development Co Ltd increased 5.6 percent to 31.65 yuan. Shanghai Material Trading Co Ltd rose 4.6 percent to 9.14 yuan.
Lenders fell among financial shares on speculation that the banking regulator will soon announced measures to tighten control of lenders’ off-balance-sheet lending.
Agricultural Bank of China lost 1.2 percent to 2.41 yuan. China Construction Bank dropped 1.7 percent to 4.01 yuan.
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