Special Report: Global Financial
Crisis
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An investor looks at the electronic board in a stock exchange in Shanghai, east China, Nov. 19, 2008. The benchmark Shanghai Composite Index finished at 2,017 points, a gain of 6.05 percent.(Xinhua Photo)
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BEIJING, Nov. 19 (Xinhua) -- Chinese shares staged a broad-based rebound on Wednesday, making up the previous day's losses after an overnight rally on Wall Street.
The benchmark Shanghai Composite Index finished at
2,017 points, a gain of 6.05 percent. The Shenzhen Component Index rose 6.14
percent to 6,679 points.
Combined turnover shrank to 120.81 billion yuan
(17.26 billion U.S. dollars) from the previous day's 145 billion yuan.
Gains outnumbered losses by 865 to eight in Shanghai
and 743 to two in Shenzhen. Almost all sectors rose, with more than 200 stocks
up by the daily limit of 10 percent.
The Shanghai index fell more than 6 percent on
Tuesday over fears of a spreading global slowdown, exacerbated by profit-taking.
Shares rebounded sharply in the afternoon on
Wednesday as investors bought up energy and bank stocks, which had fallen
heavily on Tuesday.
Oil, telecom and banking sectors led the rise.
Sinopec rose by 10 percent to 8.37 yuan. PetroChina was up 7.49 percent, closing
at 11.91 yuan. China Citic Bank gained 6.51 percent to 4.42 yuan.
Telecom shares surged on reports of an imminent
approval of 3G licenses. China United Telecommunications rose 10 percent to 6.03
yuan.
A Guangfa Securities note said the rebound showed
investor confidence had risen after Tuesday's decline. The sharp rises of energy
and banking stocks showed institutional investors were optimistic over market
prospects.
Wall Street moves higher on upbeat earnings
reports
NEW YORK, Nov.
18 (Xinhua) -- Wall Street moved higher Tuesday after two-day rout, as investors
focused on testimonies on Capital Hill and digested upbeat earnings reports.
Hewlett-Packard, the world's biggest personal computer
maker, jumped after the company unexpectedly announced that fourth-quarter and
2009 earnings will come in above Wall Street estimates. Moreover, Home Depot,
the largest home-improvement retailer, rallied more than five percent as it
reported better-than-anticipated third-quarter profit. Full story
G20 leaders at financial summit vow to
salvage economy
WASHINGTON, Nov. 15 (Xinhua) -- Leaders who attended the
G20 financial summit hailed the historic meeting on Saturday for laying a
foundation for a more coordinated global response system to the world economic
crisis.
In a summary of the U.S.-hosted summit, U.S. President
George W. Bush said that leaders from the world's top economies had agreed to
modernize financial regulation and cooperate more fully to keep the global
financial meltdown from getting worse. Full story
China planner offers details on 4 trln
yuan stimulus package
BEIJING, Nov. 14 (Xinhua) -- A senior Chinese planning official told reporters
here on Friday that the new 4 trillion yuan (586 billion U.S. dollars) economic
stimulus package includes 1.18 trillion yuan from the central government through
2010.
Mu Hong, vice director of the National Development and
Reform Commission (NDRC), said the agency would add 100 billion yuan of new
investment during the fourth quarter. Full story
China plans 10 major steps to spark
growth as fiscal, monetary policies ease
BEIJING, Nov. 9 (Xinhua) -- China will take 10 major steps
to stimulate domestic consumption and growth as it turns to an "active" fiscal
policy and "moderately easy" monetary policy, an executive meeting of the State
Council said on Sunday. Full story
China's 4 trillion yuan stimulus to
boost economy, domestic demand
BEIJING, Nov. 9 (Xinhua) -- China said on Sunday it will
loosen credit conditions, cut taxes and embark on a massive infrastructure
spending program in a wide-ranging effort to offset adverse global economic
conditions by boosting domestic demand.
This is a shift long advocated by analysts of the Chinese
economy and by some within the government. It comes amid indications that
economic growth, exports and various industries are slowing. Full story
China adopts "active" fiscal,
"moderately easy" monetary policies to boost
economy
BEIJING, Nov. 9
(Xinhua) -- China has decided to adopt active fiscal policy and moderately easy
monetary policies to boost fast but steady economic growth by expanding domestic
demand, according to an executive meeting of the State Council on Sunday.
It is estimated that investment into infrastructure,
social welfare and other key sectors will amount to four trillion yuan by the
end of 2010. Full story
China's VAT reform to shed corporate
tax burden by 120 bln yuan
BEIJING, Nov. 9 (Xinhua)-- China announced on Sunday it
would spread a reform of its value-added tax regime to all industries
nationwide, which could cut the tax burden on enterprises by 120 billion yuan
(about 17.6 billion U.S. dollars).
The reform would help encourage technological upgrading at
Chinese companies, said an executive meeting of the State Council, which also
put forward a stimulus package of 4 trillion yuan to be spent by the end of 2010
to expand domestic demand. Full story
China tries to revive economy despite
daunting challenges
BEIJING, Nov.
9 (Xinhua) -- Although China doesn't celebrate Christmas, Lou Qijun is one of
the many Chinese toy and gift manufacturers who anticipates a visit from Santa
Claus every year in the form of seasonal orders from the Europe and North
America.
Not so this year, says Lou, chairman of Yiwu Qiling Toys
Co. Ltd., a leading toy producer in east China's Yiwu City, Zhejiang Province,
after returning from the Canton Fair, the country's biggest trade show which
concluded on Thursday. Full story
