Equities rise to 8-week high on reform hopes

Benchmark index gains 2.3% on strong demand for telecom and technology shares

Chinese stocks rose to an eight-week high as a government plan to reorganize the telecom industry raised speculation policymakers will accelerate reforms of State-owned companies to stem slowing economic growth.

The Shanghai Composite Index climbed 2.3 percent to 3,338.07 points at the close, the highest level since Aug 21. The CSI 300 Index gained 2.4 percent. China United Network Communications Ltd and China Mobile Ltd gained at least 2.7 percent after the government injected 231.4 billion yuan ($36 billion) of network assets such as base stations into a new company called China Tower Corp.