NPC Session Sends Stock Market Soaring

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Last updated at: (Beijing Time) Tuesday, March 05, 2002

NPC Session Sends Stock Market Soaring

China's two stock exchanges in Shanghai and Shenzhen reported a hefty rise Tuesday when the legislative body of the National People's Congress (NPC) began its annual session.

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China's two stock exchanges in Shanghai and Shenzhen reported a hefty rise Tuesday when the legislative body of the National People's Congress (NPC) began its annual session.

The composite index closed at 1,560.1 points at the Shanghai bourse, rising by 33.28 points, or 2.2 percent, from Monday's closing. Total transactions of the two bourses amounted to 20.7 billion yuan as against 9.27 billion yuan on Monday.

This represents a new high since China's stock market dived from the middle of 2001.

The annual sessions of the NPC and CPPCC have become the focus of attention at home and abroad.

Securities analysts noted the economic development plan to be adopted at the on-going NPC session will have some impact on listed companies and the securities market as many investors have expected.

NPC deputies and CPPCC members here for the annual sessions have talked much about the securities market over the last couple of days. Some of them have raised proposals for standardizing the market and protecting the interests of midsize and small investors while lowering the cost of securities trading.

The China Securities Regulatory Commission is reported to have responded actively to their proposals and suggestions and promised to take practical measures to settle the existing problems and carry on with the reform of the securities market.

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