SHANGHAI: Chinese stocks ended higher on Thursday, led by consumer shares, as investors cheered news of Beijing's pledge to boost domestic consumption and promote an innovation-driven growth model to salvage a pandemic-ravaged economy. The blue-chip CSI300 index ended 0.7% higher at 4,927.99, while the Shanghai Composite Index climbed 0.5% to 3,363.09 points.
The tech-heavy start-up board ChiNext and the STAR50 index added 0.9% and 1.2%, respectively. Consumer shares led the rally, with the CSI300 consumer staples index and the CSI300 consumer discretionary index rising 1.3% and 1.6%, respectively.
China will expand consumption of cars and consumption in rural areas, according to a report by state broadcaster CCTV, citing a meeting of the country's cabinet chaired by Premier Li Keqiang. China will also promote the consumption of home appliances and catering, CCTV reported.
Dual-listed Guangzhou Automobile Group Co Ltd rallied in both Shanghai and Hong Kong, leading the gains for carmakers. Adding to sentiment, President Xi Jinping said China would continue to cut its tariffs and expand imports of high-quality goods and services.
Bucking the broad strength, securities firms fell, led by Haitong Securities Co Ltd falling 6.3% in Shanghai after Beijing alleged manipulation. Chinese investigations into last week's shock bond default by a state-owned coal miner widened on Wednesday with a regulator threatening to sanction Haitong Securities, one of the country's biggest brokerages, for alleged manipulation.
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