Investing.com - Chinese equities markets were sharply higher on Monday after China’s Communist Party unveiled a series of broad economic reforms, including the easing of the one-child policy, reinforcing investor confidence in the country.
In Hong Kong, the Hang Seng rallied 2.7% to the highest level since February, while domestic shares in Shanghai jumped 2.9%.
China's offshore share market, the Hong Kong Stock Exchange Hang Seng China Enterprises Index, advanced 5.6% at the close, the largest one-day gain since December 2011.
The gains came after China’s Communist Party unveiled a broad outline for economic reform in a document late Friday, saying the government will open the way for more private investment in state-controlled industries and give more freedom to market forces in terms of pricing.
The 60-point reform plan is seen paving the way towards a new model for growth in the world’s second-largest economy.
Couples in which one member is an only child will be allowed to have two children, according to the official Xinhua state news agency.
China also said it would relax its system of household registration, known as the hukou system. This step is seen as key in liberalizing the labor market, and will create a more mobile labor force.
The role of the private sector is to be expanded and private investors will be allowed to set up small banks. The government also pledged to improve the country’s initial public offering system.
The reform document was approved at a four day policy summit, known as the Third Plenum, which ended in Beijing last week.
Before the meeting President Xi Jinping had pledged to deliver "unprecedented" and "comprehensive" reforms amid growing public anger over issues, including monopolies held by state-owned companies, widespread corruption and pollution.
In Hong Kong, the Hang Seng rallied 2.7% to the highest level since February, while domestic shares in Shanghai jumped 2.9%.
China's offshore share market, the Hong Kong Stock Exchange Hang Seng China Enterprises Index, advanced 5.6% at the close, the largest one-day gain since December 2011.
The gains came after China’s Communist Party unveiled a broad outline for economic reform in a document late Friday, saying the government will open the way for more private investment in state-controlled industries and give more freedom to market forces in terms of pricing.
The 60-point reform plan is seen paving the way towards a new model for growth in the world’s second-largest economy.
Couples in which one member is an only child will be allowed to have two children, according to the official Xinhua state news agency.
China also said it would relax its system of household registration, known as the hukou system. This step is seen as key in liberalizing the labor market, and will create a more mobile labor force.
The role of the private sector is to be expanded and private investors will be allowed to set up small banks. The government also pledged to improve the country’s initial public offering system.
The reform document was approved at a four day policy summit, known as the Third Plenum, which ended in Beijing last week.
Before the meeting President Xi Jinping had pledged to deliver "unprecedented" and "comprehensive" reforms amid growing public anger over issues, including monopolies held by state-owned companies, widespread corruption and pollution.