At closing bell, the benchmark Shanghai Composite Index was up 0.66%, or 21.93 points, to 3,369.12. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.07%, or 23.75 points, to 2,247.69. The blue-chip CSI300 index added 0.92%, or 45.21 points, to 4,934.84.
Market participants commenced trading with firm footing today after Finance Minister Liu Kun statement that China will step up fiscal policy support for a strategy to make its economy mainly rely on domestic demand, supply chains and innovation. China's President Xi Jinping on Saturday targeted a steeper cut in rates of carbon emissions relative to economic activity by 2030 and set new goals for growth in renewable energy and forest stock.
China has unveiled a "dual circulation" strategy for the next phase of economic development in which it will rely mainly on "domestic circulation" - the internal cycle of production, distribution, and consumption, supported by innovation and upgrades in the economy.
CURRENCY NEWS: China's yuan strengthened against the dollar as the central bank set a firmer midpoint. Prior to the market opening, the PBOC set the midpoint rate CNY=PBOC at 6.5361 per dollar, 44 pips firmer than the previous fix of 6.5405. The spot market CNY=CFXS was changing hands at 6.5391, 0.11% stronger than the previous late session close of 6.5463.
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