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China stocks rebound on policy support hopes

SHANGHAI, Dec 14 (Reuters) - China stocks rebounded on Monday, underpinned by hopes of more policy support to shore up the world’s second-largest economy hit by the COVID-19 pandemic.

** The blue-chip CSI300 index rose 0.9% to 4,934.84, while the Shanghai Composite Index added 0.7% to 3,369.12.

** Last week, the blue-chip stock index posted its biggest weekly loss in 11 weeks, as a flare-up in Sino-U.S. tensions and worries about policy tightening dented risk appetite.

** China will step up fiscal policy support for a strategy to make its economy mainly rely on domestic demand, supply chains and innovation, Finance Minister Liu Kun said.

** Chinese President Xi Jinping on Saturday targeted a steeper cut in rates of carbon emissions relative to economic activity by 2030 and set new goals for growth in renewable energy and forest stock.

** China has unveiled a “dual circulation” strategy for the next phase of economic development in which it will rely mainly on “domestic circulation” - the internal cycle of production, distribution, and consumption, supported by innovation and upgrades in the economy.

** A continued economic recovery and policy support would help boost market confidence, analysts at Dongguang Securities said in a note.

** China’s vehicle sales are likely to hit 25.3 million units this year, an industry body said on Friday, as the world’s biggest vehicle market continued to lead the global auto industry recovery.

** Nasdaq said last week it would remove shares of four Chinese construction and manufacturing companies from indexes it maintains in response to a U.S. order restricting purchase of their shares.

** The stocks to be removed barely moved as investors shrugged off the news following a similar decision by S&P just days ago. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)

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