Business
17:12, 22-Oct-2018
China's stock market surge more than 4 pct Monday
Updated
16:51, 25-Oct-2018
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After falling more than a quarter this year, especially during a plunge last week, the Chinese stock market closed higher on Monday.
The benchmark Shanghai Composite Index went up 4.09 percent to close at 2,654.88 points, the biggest one-day gain since early 2016. The Shenzhen Component Index closed 4.89 percent higher at 7,748.82 points, and Shenzhen's start-up board ChiNext also surged 5.2 percent.
Source: Reuters
Source: Reuters
The market rally started last Friday after the Chinese government promised more support to private companies and capital markets.
Chinese President Xi Jinping and China's top financial policymakers have reiterated stable support to the private sector. Meanwhile, the government is planning for new measures to solve the financing problems faced by smaller companies and private firms.
Over the weekend, China also published a draft version of new rules for tax deductions available to individuals, a move to encourage consumption and investment.