Turnover hits record high on China’s stock markets
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
The combined turnover of China’s Shanghai and Shenzhen bourses reached 3.45 trillion yuan (about 487.92 billion U.S. dollars) on Tuesday, surpassing the 2.59 trillion yuan turnover recorded on Sept. 30 and hitting a new high.
The benchmark Shanghai Composite Index went up 4.59 percent to close at 3,489.78 points, while the Shenzhen Component Index closed 9.17 percent higher at 11,495.1 points.
Over 5,000 stocks ended higher, with the server-operating-system and semiconductor sectors leading the gains.
The ChiNext Index, tracking China’s Nasdaq-style board of growth enterprises, gained 17.25 percent to close at 2,550.28 points.
The market sentiment rose strongly on the Chinese government’s announcement of a mix of policy measures including monetary stimulus and property market support policies to galvanize the economy’s rebound.
On Sept. 24, the People’s Bank of China announced a cut in the reserve requirement ratio for financial institutions by 0.5 percentage points. On Sept. 29, it announced a reduction in the mortgage rates for first homes, second homes, and more by no less than 30 basis points below the loan prime rate by the end of this month.
On the same day, China’s Ministry of Housing and Urban-Rural Development also vowed to stabilize the real estate market by encouraging municipal governments, especially those in the first-tier cities, to leverage their decision-making powers to regulate it and adjust policies restricting housing purchases based on local conditions.
China is confident of achieving the full-year growth target while mulling new supporting policies to sustain steady and healthy economic growth, the country’s top economic planner told a press conference Tuesday.
Zheng Shanjie, head of the National Development and Reform Commission, said more efforts will be made to bolster the capital market by vigorously guiding medium and long-term funds into it, promoting mergers and acquisitions among listed companies, and mulling over and introducing measures to protect small and medium-sized investors.
Reference Link:- https://english.news.cn/20241008/54cb73264fa24bc583000549ea3eb4ad/c.html
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
