Shares soar on boost to nuke sector
Print Edition
SHANGHAI stocks gained the most in three months yesterday after Premier Li Keqiang urged China’s nuclear sector to boost the economy.
The Shanghai Composite Index jumped 2.71 percent to 4,194.82 points, its highest close since March 2008.
The Chinese government has approved construction of the Hualong One pilot nuclear power unit, a domestically developed third-generation reactor design. The technology will help optimize China’s energy structure and build a diversified clean energy system, according to a statement released after a State Council executive meeting presided over by Li on Wednesday.
The adoption of homegrown technology will help raise the competitiveness of the country’s equipment manufacturing industry, promote effective investment and contribute to industrial upgrading and steady economic growth, the statement said.
Dongfang Electric Co surged by the daily 10 percent limit to 24.92 yuan (US$4.02), Shanghai Electric Group Co jumped 9.99 percent to 13.21 yuan, and China XD Electric Co rose 7.64 percent to 9.58 yuan.
Investors were further buoyed by the rapid growth in the number of newly started firms as the government simplified the process for starting a business, according to the State Administration for Industry and Commerce.
About 844,000 new companies were registered in the first quarter, up 38.4 percent from a year earlier. Their registered capital totaled 4.8 trillion yuan, an increase of 90.6 percent year on year.
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