China stocks rally, boosted by Xi's comments on economy

miércoles 4 de noviembre de 2015 00:20 GYT
 

* Xi's comments on China's 2016-20 economic growth boost shares

* The new 5-yr plan aims to accelerate financial reform

* Hongkong shares rally on HK-Shenzhen connect

SHANGHAI, Nov 4 (Reuters) - China stocks rallied on Wednesday after President Xi Jinping made comments on its economy and the government unveiled the proposal of its 13th five-year plan, a blue-print for economic and social development between 2016 and 2020.

The CSI300 index rose 2.9 percent, to 3,564.30 points at the end of the morning session, while the Shanghai Composite Index gained 2.6 percent, to 3,402.30 points.

Xinhua news agency quoted Xi as saying China can maintain annual economic growth of around 7 percent over the next five years but there were uncertainties, including weak global trade and high domestic debt.

Zhang Qi, an analyst at Haitong Securities in Shanghai, said the market was boosted by Xi's speeches on the country's economy and the five-year plan on financial market reform.

"The correction in the market seemed to finish, yet the trading volume is not really high today, just slightly better than Tuesday."

Shenzhen's start-up board ChiNext and the CSI300 IT Index both surged more than 4 percent.   Continuación...