Chinese infrastructure-related stocks jumped on Tuesday after Beijing encouraged local governments to use special bonds for major projects in a bid to support economic growth, said the Financial Times.
The CSI 300 index of Shanghai and Shenzhen-listed companies was up 2.3% to a near four-week high at the lunch break on Tuesday as construction and railway stocks posted the largest gains.
State news agency Xinhua said on Monday that local governments and financial institutions were “encouraged to use special bonds and other market-based financing methods to support key areas and major projects.”
“Amid renewed trade uncertainty, these new measures that are being introduced to support infrastructure investment demonstrate the government’s incremental efforts to counter downside risks, by mitigating any financing bottleneck for infrastructure investment in the coming months,” said Goldman Sachs economists.
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