Opening-up raises stock index

Hu Yumo
Shanghai shares close a little higher on the announcement that a series of measures at to be unveiled soon that will further open capital markets.
Hu Yumo

Shanghai stocks closed a little higher on Thursday as China said it would further open its financial market.

The Shanghai Composite Index gained 0.05 percent to close at 2,910.74 points.

Shares of mining companies, media and telecommunication firms were among the biggest gainers.

China's top securities regulator announced at the Lujiazui Forum 2019 in Shanghai that China will further reform and open up its financial markets in order to promote high quality economic development.

Yi Huiman, chairman of China Securities Regulatory Commission, said a series of measures will be unveiled soon to further open capital markets.

These measures will include amendments to the Qualified Foreign Institutional Investors (QFII) scheme and the yuan-denominated RQFII scheme to facilitate more overseas participation in the capital markets. The country will ease restrictions on overseas banks' access to the securities investment fund custodian business and further open up the futures market, according to Xinhua news agency.

Xinhua also noted that China will allow private equities by overseas fund managers to trade Hong Kong-listed stocks via the stock connect program and facilitate the issuance of yuan-denominated Panda bonds by overseas institutions. The country also plans to expand overseas institutional investors' access to the exchange bond market.

Market sentiment was also boosted as China inaugurated its science and technology innovation board on Thursday.

Yonyou Network Technology Co Ltd rose 7.34 percent to 24.85 yuan (US$3.6) and Tianfeng Securities Co Ltd climbed 3.95 percent to 10 yuan.

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