SHANGHAI, China (AP) — Chinese shares rose Thursday after the government announced tax cuts and other moves aimed at propping up the weakening housing sector. Renewed hopes for an interest rate cut also buoyed buying sentiment.
The benchmark Shanghai Composite Index opened lower but rebounded on gains in bank shares in the afternoon. It climbed 2 percent, or 38.87 points, to 2,015.69, and the smaller Shenzhen Composite Index edged up 1.7 percent to 617.3.
Investors were less impressed by political speechmaking marking the 30th anniversary of China's current era of economic reforms than by actual moves to boost the economy, analysts said.
"In general, investors are optimistic about the market as a series of government support measures have emerged one after another," said Xu Zhiyuan, an analyst for Capital Edge Investment & Management in Shanghai.
