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Chinese shares rise 3.57% on major economic conference

(Xinhua)
Updated: 2008-12-08 15:47

Share prices on Chinese capital markets gained 3.57 percent on Monday, on prospects of more stimulus policies to buttress the economy from a three-day Central Economic Work Conference kicking off in Beijing on Monday.

This trend also echoed the rally of Wall Street on the previous trading day and significant gains of regional markets on Monday, dealers said.

The benchmark Shanghai Composite Index advanced 3.57 percent, or 72.11 points, to 2,090.77. The smaller Shenzhen index climbed 3.43 percent, or 249.48 points, to 7,528.63.

Gains outnumbered losses by 867 to 1 in Shanghai, and by 739 to 6 in Shenzhen, with 97 unchanged on the two bourses.

The conference, an annual event initiated more than a decade ago, serves as a crucial mechanism for the Communist Party of China (CPC) Central Committee and the State Council, the cabinet, to make policies to govern the world's fourth largest economy.

Bank shares rose across the board on the report by China Securities Journal that the country was mulling over lowering commercial banks' business tax rate from the current 5 percent to 3 percent.

The Industrial and Commercial Bank of China, the country's top lender, rose 2.5 percent to 4.1 yuan (60 cents), with China Construction Bank up 2.73 percent to 4.51 yuan and China Merchants Bank surging 8.27 percent to 14.14 yuan.

Wu Yonggang, an industry analyst with domestic Guotai Junan Securities, predicted that the net profitability of commercial banks could be raised by 3 to 4 percentage points with every 1 percentage point reduction in the business tax rate

Automobile manufacturers, especially those producing small-engine cars, and the new energy sector got a boost from the country's latest fuel consumption taxes reform move, analysts said.

Tianjin FAW Xiali Automobile Co Ltd, a leading economical passenger car producer, surged 9.28 percent to 4.71 yuan. Sichuan Chuantou Energy Co Ltd, a major domestic new energy firm, jumped by the daily limit of 10 percent to 14.85 yuan.

China on Friday released a draft reform plan, schedule to take effect on January 1, to solicit public opinion on abolishing six fees now charged for road or waterway maintenance and management but would charge higher fuel consumption taxes on drivers.