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Chinese shares open 1.17% higher on policy boost

(Xinhua)
Updated: 2008-12-15 10:21

Chinese shares opened 1.17 percent higher on Monday morning on recovered investor confidence as government vowed to stabilize capital market over the weekend.

Chinese cabinet, the State Council said on Saturday in a statement it seeks to stabilize its multi-tier capital market in an effort to protect the country's economy from the ongoing financial crisis.

It urged the completion and start of the Growth Enterprise Board, a Nasdaq-like entity to help small start-ups raise funds.

The benchmark Shanghai Composite Index opened up 22.82 points at 1977.03. Shenzhen Component Index on the smaller Shenzhen Stock Exchange opened 1.29 percent higher at 7184.16.

The government also encouraged the expansion of bond issuance, including corporate bonds, short-term financing bonds and medium term notes.

China Insurance Regulatory Commission also called for insurers to invest in the capital market directly or indirectly as long-term investors to help boost consumption and stabilize exports.