Investment
China to implement policies to boost private investment
BEIJING, Nov 7 (Reuters) – China’s state planner on Monday issued a notice saying it would further improve the policy environment to encourage the development of private investment, the latest move to prop up the faltering economy facing multiple headwinds.
The world’s second-biggest economy showed surprising growth in the third quarter but the recovery was dimmed by a deepening property slump, weakening consumption and sustained COVID restrictions.
China will increase policy support to stimulate the vitality of private investment, stabilise market expectations and increase job opportunities, as “private investment accounts for more than half of the total social investments,” said the notice.
Private enterprises will be incentivised to invest in 102 major projects in areas such as transportation, water conservation and carbon reduction, according to the notice published on the website of National Development and Reform Commission (NDRC).
Beijing also said it woud support the development of the platform economy with a focus on investment of key projects such as artificial intelligence, cloud computing and blockchain.
Central-owned enterprises will be encouraged to step up the use of new products and technologies from private enterprises.
Policymakers last week pledged that growth was still a priority and they would press on with reforms, in an apparent bid to soothe fears that ideology could take precedence as President Xi Jinping began a new leadership term and strict COVID curbs exact a growing toll on the economy.
Reporting by Liangping Gao and Ryan Woo; Editing by Tom Hogue and Stephen Coates
Continue Reading
Economy
S&P/TSX composite down more than 200 points, U.S. stock markets also fall
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Economy
S&P/TSX composite up more than 150 points, U.S. stock markets also higher
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Investment
Crypto Market Bloodbath Amid Broader Economic Concerns
-
Sports6 hours ago
Lawyer says Chinese doping case handled ‘reasonably’ but calls WADA’s lack of action “curious”
-
News6 hours ago
RCMP say 3 dead, suspects at large in targeted attack at home in Lloydminster, Sask.
-
News5 hours ago
Hall of Famer Joe Schmidt, who helped Detroit Lions win 2 NFL titles, dies at 92
-
News6 hours ago
Bad weather and boat modifications led to capsizing off Haida Gwaii, TSB says
-
News6 hours ago
Nova Scotia adopts bill declaring domestic violence in the province an epidemic
-
News16 hours ago
Canadanewsmedia news September 12, 2024: Air Canada pilot strike looms, BC transit strike talks resume
-
News6 hours ago
Shapovalov, Auger-Aliassime lift Canada over Finland 3-0 in Davis Cup tie
-
News5 hours ago
B.C. to scrap consumer carbon tax if federal government drops legal requirement: Eby