Shares rise on hopes reforms fuel expansion
Print Edition
Shanghai’s key stock index edged up yesterday on speculation that reform proposals by China’s top think tank could boost economic growth.
The Shanghai Composite Index added 0.04 percent to 2,133.87 points, rising for the first time in five days.
The Development Research Center affiliated to the State Council, or Cabinet, has set out eight key areas for reform — finance, taxation, land, state assets, social welfare, innovation, foreign investment and governance, the official China News Service reported.
The policy changes listed in the proposal, released over the weekend, include reducing administrative approvals, breaking monopolies, lowering barriers to entry in the financial industry as well setting up a deposit-insurance system.
The center also proposed making the yuan an international reserve currency in some markets, setting up funds to invest and manage state assets as well as reducing government stakes in financial institutions.
Dong Tao, an economist at Credit Suisse, said the proposals are part of “probably the most ambitious” economic initiatives in China.
Heilongjiang Agriculture Co jumped by the daily limit of 10 percent to 12 yuan. Gansu Yasheng Industrial (Group) Co rose 4.1 percent to 9.36 yuan.
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