The CSI 300 Index climbed 0.6 per cent to 4,713.72 as of 10.58am local time, approaching a level not seen since January 2022. The Shanghai Composite Index added 0.3 per cent to 4,000.66, poised to finish above the 4,000-point mark for the first time since 2015.
Hong Kong’s market is shut for a public holiday.
Technology stocks paced the gains, with a sub-gauge under the CSI 300 rising 1.8 per cent after China highlighted tech self-sufficiency as the key task in a detailed five-year plan outlining the nation’s development through 2030, released on Tuesday evening. Ping An Insurance Group gained 1.9 per cent to 58.81 yuan after third-quarter profit increased 45 per cent from a year earlier on rising investment gains. Telecoms equipment maker ZTE slumped 6.6 per cent to 46.14 yuan after posting an 88 per cent slump in quarterly net income.
“The China-US talks are going pretty well, removing the uncertainty of the trade frictions, and that will keep boosting the risk appetite on the market,” said Cheng Qiang, an analyst at Topsperity Securities. “The market is expected to continue the upwards momentum, and tech would be the key theme to trade on.”
The US was expected to halve the 20 per cent tariff on Chinese goods in exchange for China limiting the export of chemicals used to make fentanyl, Trump said a day before his meeting with his Chinese counterpart Xi Jinping on Thursday in South Korea.
