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China shares rise led by asset stocks; Annual turnover reaches record high

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Shanghai: China Stocks closed higher on Friday led by property developers and new energy stocks, as the chairman of the securities regulator said the country will stabilize and improve its capital markets next year.

blue-chip CSI300 The index rose 0.4% to 4,940.37, while Shanghai Composite Index rose 0.6% to 3,639.78.

For 2021, the CSI300 index declined 5.2%, marking its worst annual performance in three years, while Shanghai The composite index rose 4.8%.

Annual turnover in mainland China markets exceeded 257 trillion yuan ($40.33 trillion), breaking a record set in 2015.

Foreign capital inflows into the mainland market also hit a record, with East Money Information data showing 1.18 trillion yuan.

Total Assets Under Management (AUMof China’s mutual fund industry reached a record 25.3 trillion yuan ($3.97 trillion) this year.

Yi Huiman, chairman of China’s securities regulator, said China will reform its stock market to adopt a comprehensive registration-based IPO system next year, and seek to reduce debt default risks.

China’s factory activity and the services sector both accelerated in December, even amid localized COVID-19 outbreaks.

Real estate developers jumped 2.9% on Friday, a central bank official said, adding that mergers and acquisitions in the property market will help firms reduce debt.

The sub-index still declined by around 19% in 2021 amid tighter China regulations and a growing liquidity crisis on some indebted developers.

New energy shares rose 2.3%, with the photovoltaic industry up 3.6%. The new energy index rose nearly 50% this year amid China’s nod.

Agriculture and machinery shares rose 2.1% and 1.6%, respectively.

However, gains were offset by losses in consumer staples, with winemakers down 1.1%.

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Hassaan Minhas

Hassaan is a journalist at UsamaSpeaks.com and he deals with Latest News, India News, and Tech News. Hassaan is a very professional and authentic news journalist.

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