Stock market hits one-year high buoyed by trade talks

SHANGHAI - China's stock markets ended at a one-year high on Thursday, with the blue-chip index rising for a fourth straight week as investors cheered progress in trade talks and Beijing's policy stimulus to bolster growth.

The blue-chip CSI300 index rose 1.0 percent, to 4,062.23 points, while the Shanghai Composite Index climbed 0.9 percent to 3,246.57 points.

Chinese markets will be closed on Friday for Tomb Sweeping Day.

State media said on Wednesday that China will cut government-related fees and service charges to reduce costs for companies and individuals starting July 1, part of a wider pledge to pare trillions of yuan in taxes and fees this year.

Hopes for a trade deal between the world's top two economies continued to bolster sentiment.

Trade talks between the United States and China made "good headway" last week in Beijing and the two sides aim to bridge differences during talks that could extend beyond three days this week, White House economic adviser Larry Kudlow said.

Most sectors rallied, led by transport companies, as major airlines surged on Beijing's pledge to cut burdens for the civil aviation industry.

So far this year, the Shanghai stock index has been up 30.2 percent and the CSI300 has risen 34.9 percent, while China's H-share index listed in Hong Kong has been up 15.2 percent. Shanghai stocks have risen 5.04 percent this month.

About 46.91 billion shares were traded on the Shanghai exchange, well above the market's 30-day moving average of 41.85 billion shares a day. The volume in the previous trading session was 43.05 billion.

Negotiations continued in Washington on Wednesday after meetings last week in Beijing, spearheaded by US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

US President Donald Trump will meet Chinese Vice-Premier Liu He, who is leading the Chinese delegation in the talks, in the Oval Office on Thursday, the White House said.

(China Daily 04/05/2019 page2)