SHANGHAI: China stocks jumped to fresh seven-year highs on Monday morning, led by infrastructure and transport stocks, after Beijing said it is seeking private funding for over $300 billion worth of public projects.
The National Development & Reform Commission (NDRC) on Monday unveiled the list of 1,043 so-called public-private partnership (PPP) projects on its website, in the latest effort by the government to reinvigorate China’s flagging economy.
“These PPP projects would be a boon to the infrastructure sector, which also benefits from China’s ‘One Belt, One Road’ initiative,” Zhang Chen, analyst at Shanghai-based hedge fund manager Hongyi Investment said, referring to Beijing’s ambitious overseas investment plan around Asia.
The CSI300 index rose 2.0 percent, to 5,051.83 points at the end of the morning session, while the Shanghai Composite Index gained 2.3 percent, to 4,765.69 points.
But Shenzhen’s growth board ChiNext dipped 0.3 percent, after China’s securities regulator said after market close on Friday that it would strengthen a crackdown on share price manipulation.
