China market surges to highest level since November 2008

Mainland China share market advanced for sixth straight session on Tuesday, 26 May 2015, as risk appetite buying sustained after government announced Friday that cross-border sales of funds will begin July 1 and on signs of fresh policy support toward the sector. The Shanghai Composite Index advanced 97.10 points, or 2.02%, to finish at 4910.90 points, taking its six-day rally to 15%. The CSI300 index added 99.42 points, or 1.95%, to 5198.92.

China's National Development and Reform Commission (NDRC) released a list of 1043 proposed PPP projects totaling RMB1.97 trillion (US$317.75 billion), and is inviting private capital to participate. The proposed projects are in the transport, water conservancy, natural resources, and public services sectors. China is increasingly turning to PPP to fund projects that were previously funded by local government off-balance sheet borrowings. The government also announced it would halve import taxes on clothing, cosmetics and some other goods by half in a new tactic to spur consumer spending and economic growth.

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