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China Shares Open Higher as Policy Support Overshadows Disappointing Private-Sector Activity

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Chinese shares opened higher on Friday after the country's Politburo pledged policy support.

The Shanghai Composite Index, the main gauge of Chinese stocks, opened 0.8% higher to 3,833.54. The Shenzhen Component Index jumped 3.0% to 13,690.00.

The Political Bureau of the CPC Central Committee meeting on Thursday proposed deepening the comprehensive reform of investment and financing in the capital market to boost resilience and confidence, state media Xinhua News reported.

The policy support overshadowed disappointing macroeconomic data released Friday. China's overall business activity contracted in July to its lowest level since December 2022, with the official Composite PMI Output Index falling to 49.3 from 50.6 in June.

The manufacturing PMI contracted for the first time in five months to 49.2, while the non-manufacturing PMI also broke its two-month streak of expansion to fall to 49.

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