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Investment

China’s state planner unveils steps to spur private investment

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1 year ago

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BEIJING, July 24 (Reuters) – China’s state planner on Monday unveiled measures that seek to promote, encourage and spur private investment in some infrastructure sectors and said it will strengthen financing support for private projects.

The latest announcement comes as China last week pledged to improve the private sector, releasing guidelines by the Communist Party and the cabinet as authorities vowed to make it “bigger, better and stronger” amid a flagging post-pandemic economic recovery.

The National Development and Reform Commission (NDRC) said in a statement that it wants to attract more private capital to participate in the construction of national major projects.

The NDRC said a list of sectors ranging from transport, water, clean energy, new infrastructure to advanced manufacturing and modern agriculture will be available for private investors to participate in, according to the statement. More specific details on this will be provided later, it added.

Over the past several weeks, investors have been betting on more stimulus measures to prop up an economy that has started to rapidly lose momentum following the initial post-COVID bounce. However, some piecemeal steps announced by the authorities have underwhelmed markets.

In the guidelines released last week, China said it will create a “traffic light” system to make clear the areas in which private investors are able to invest.

“Significance of improving private investment should be fully recognised” and the NDRC will strive to keep the proportion of private fixed-asset investment among all investment at a “reasonable level,” the statement said.

Private fixed-asset investment shrank by 0.2% in the first six months from a year earlier, in contrast to an 8.1% rise in investment by state entities, official data showed last week, highlighting weak private sector confidence.

The NDRC also pledged to strengthen financial support for private-invested projects.

A special fund from central government budget will be set up by the NDRC to give annual support for 20 cities with high private investment growth and strong policy implementation, the statement said.

Reporting by Ellen Zhang and Bernard Orr; Editing by Kim Coghill

Our Standards: The Thomson Reuters Trust Principles.

 

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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2 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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7 days ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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