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Wan LixinOpinion deputy editor of Shanghai Daily
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Shares end over 5,000 at new 7-year high
Print Edition
SHANGHAI stocks yesterday closed at a fresh seven-year high as the central government said it will encourage foreign-listed Chinese companies to return to list on the A share market.
The Shanghai Composite Index rose 1.54 percent to 5,023.10 points, ending above the 5,000 mark for the first time since January 2008. For the week, the index jumped nearly 9 percent, the highest in half a year.
An executive meeting of the State Council presided over by Premier Li Keqiang on Thursday pledged that the central government will pave the way for the A-share listings of Chinese enterprises listed overseas.
In a further boost to innovation and entrepreneurship, the government will also encourage foreign-listed Chinese high-tech or science companies to list on the A-share market, according to analysts.
The government said it will create local funds to support entrepreneurship. Idle facilities and venues will be offered to entrepreneurs at a low cost.
Shares of ports, rail makers and trading firms linked with the “Belt and Road” initiative surged. Shanghai Waigaoqiao Free Trade Zone Development Co, China World Trade Center Co and Tianjin Marine Shipping Co all rallied by the daily 10-percent limit to 43.21 yuan (US$6.96), 19.76 yuan and 16.39 yuan respectively.
The Ministry of Industry and Information Technology on Thursday said that the central and local governments will cut unreasonable administrative fees that have burdened companies.
The central government is said to cut 40 billion yuan in unreasonable fees a year, while local authorities are said to trim 100 billion yuan annually.
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