Companies
Mainland stocks rise most in a month
An investor checks stock prices at a securities brokerage in Fuyang, Anhui province. Lu Qijian / For China Daily
Chinese mainland stocks traded in Hong Kong rose the most in a month, with commodity producers gaining as oil prices climbed and President Xi Jinping vowed to press ahead with plans to cut capacity at State-owned enterprises.
The Hang Seng China Enterprises Index advanced 1.4 percent as China Oilfield Services Ltd and PetroChina Co paced gains.
Oil climbed to a seven-month high before US government data forecast to show crude stockpiles dropped for a second week.
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China’s reform drive aims to improve supply quality and overhaul areas including pricing, taxation, finance and social security, the Xinhua News Agency cited President Xi as saying at a government meeting.
His comments come amid record crude steel output in April, with the industry boosted by easier credit and efforts to shore up economic growth.
The nation should abandon the idea of easing money conditions to accelerate economic growth, the State-run People’s Daily quoted an “authoritative” person as saying last week.
“Resource stocks are the play of the market as rising oil prices and decreasing supply triggered by government’s reforms have…
China
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China’s industrial subsidies have caused considerable controversy both internationally and domestically. Trading partners have accused China of unfairly favouring its indigenous firms with subsidies, leaving foreign companies at a disadvantage in the race to lead the technologies of the future.
Governments around the world regularly spend an enormous amount of money subsidising businesses. But few spend like China. A 2022 report suggests that China spends 1.7–5 per cent of its GDP on industrial policies, more than most countries.
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