China stocks soar over urbanization plan progress

Chinese shares soared after an official announced progress in a key urbanization program on Wednesday. The benchmark Shanghai Composite Index rose 2.16 percent, or 43.44 points, to finish at 2,051.75. The Shenzhen Component Index rose 2.99 percent, or 227.03 points, to close at 7,820.45. Combined turnover on the two bourses expanded to 216 billion yuan (35.41 billion U.S. dollars) from 149.1 billion yuan on the previous trading day. Xu Lin, head of the planning department of the National Development and Reform Commission, told a press conference on Wednesday that a key program on China's new urbanization has been handed to the State Council. The property sector soared 3.45 percent. China Vanke Co., the nation's largest listed property developer, gained 5.54 percent to 7.62 yuan per share. Poly Real Estate Group Co., another property heavyweight, went up 7.29 percent to 8.09 yuan per share. Meanwhile, the market was boosted by the central bank's liquidity injection. The central bank announced on Tuesday it had injected 255 billion yuan into the money market through open market operations.