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Stocks rise on excellent global city plan

    Shanghai stocks rebounded yesterday after investors were buoyed in the wake of the approval for the city’s master plan to become an “excellent global city” and also China’s plans to enhance the country’s manufacturing capacity.

    The Shanghai Composite Index gained 0.78 percent to 3,306.12 points.

    Shanghai Shine-Link International Logistics Co, a logistics company based in the Shanghai free trade zone, jumped by the daily limit of 10 percent on investor hopes that Shanghai’s plan for 2035, approved by the State Council on Monday, would benefit FTZ shares.

    First Tractor Co also surged 10 percent as the National Development and Reform Commission forecast most of China’s advanced agricultural machines would be made domestically by 2020 and not imported.