Shares rebound by nearly 2% on news of deeper economic and market reforms
Shanghai stocks rebounded nearly 2 percent today after China's government announced the launch of deeper economic and market reforms.
The Shanghai Composite Index surged 1.99 percent to close at 3,128.93 points, with stocks of 23 companies surging by the maximum daily limit of 10 percent.
China said after a meeting on Monday that it will stick to a proactive fiscal policy and prudent and neutral monetary policy while market-based measures will be taken to slash overcapacity and support will be given to new sectors and new business models.
It also said it will deepen reform and opening-up efforts while ensuring timely implementation of major opening-up policies.
Computer shares led the gains, with Fujian Apex Software Co Ltd surging by the daily limit of 10 percent.
Cloud computing-related stocks also rallied, with Inspur Software Co Ltd and China National Software & Service Co Ltd hitting the 10 percent daily cap.
Non-bank financial companies were also among gainers as China Pacific Life Insurance, New China Life Insurance and Huatai Securities all advanced by over 4 percent.