Chinese shares surge after premier's talk

Chinese shares surged more than 2 percent on Wednesday after Premier Li Keqiang said the country's macroeconomic policies should ensure economic growth at a reasonable range. The benchmark Shanghai Composite Index jumped 2.17 percent, or 42.67 points, to end at 2,008.13. The Shenzhen Component Index soared 3.3 percent, or 250.78 points, to 7,851.25. Combined turnover on the two bourses expanded to 158.73 billion yuan (25.73 billion U.S. dollars) from 116.5 billion yuan the previous trading day. Premier Li told an economic meeting on Tuesday that it is crucial for China to coordinate the efforts of stabilizing economic growth, promoting economic restructuring and pushing forward reforms. "Macroeconomic policies should be founded on the present situations, but also be forward-looking, to ensure economic growth at a reasonable range," Li said. Coal miners and property developers were among the strongest on Wednesday, with sub-indices for those sectors surging 4.45 percent and 3.8 percent, respectively. China Shenhua, the largest coal miner in China, rose 2.66 percent to close at 16.23 yuan per share, while the Shandong-based Yanzhou Coal Mining Co. soared by the daily trading limit of 10 percent to 9.88 yuan. China Vanke, the nation's biggest property developer by market value, jumped 6.42 percent to 10.28 yuan. Poly Real Estate Group Co., the second largest developer, surged 5.43 percent to 10.67 yuan. Since Monday evening, most of southwest China's Sichuan Province has been battered by rainstorms. However, most listed companies in Sichuan told Shanghai Securities News, a newspaper under Xinhua, that production was not affected, as they had taken precautions. The sub-index for Sichuan rose 2.71 percent. Luzhoulaojiao Company, a leading liquor producer based in the city of Luzhou, rose 1.19 percent to 23.88 yuan.