China Stock Market: Shanghai Composite Closes Up 18.82 Points | RYT9

The Shanghai Composite Index, China’s stock markets closed higher today. Responding to the news, Shanghai announced measures to revitalize the economy and help businesses affected by the lockdown to curb the spread of COVID-19. Stocks in the travel and consumer goods segment jumped to lead the market.

The Shanghai Composite Index closed at 3,149.06, up 18.82, or +0.60%.

Consumer stocks rose 1.9 percent, while travel stocks rose 3 percent after Shanghai announced measures to help businesses hit by the lockdown to curb the spread of the coronavirus. and easing COVID-19 testing requirements From 1 June onwards to support people to be able to return to normal life again after being subjected to strict control measures for up to 2 months

A statement from the Shanghai Municipality said. Such measures include Tax and fee breaks for businesses affected by the lockdown, allowing all manufacturers to resume operations from June 1, expediting approvals on real estate projects and supporting the Develop new real estate projects, increase car purchase quota, reduce car purchase tax. And subsidize those who buy electric cars, support the construction of infrastructure projects in the railway, port, airport and energy industries, and encourage foreign companies to set up their headquarters and research centers in Shanghai.

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