China Shares Rebound as Country Unveils Retail Sales Target; Wus Printed Circuit Kunshan Jumps 10%
Chinese shares rebounded at the close of Tuesday's session as the country targeted 60 trillion yuan in retail sales by 2030.The Shanghai Composite Index, the main gauge of Chinese stocks, closed 1.4% higher at 3,967.13. The Shenzhen Component Index jumped 2.8% to 14,924.87.China has unveiled a government plan to expand total retail sales of consumer goods to about 60 trillion yuan by 2030, strengthening consumption's role as a key economic driver during the 15th Five-Year Plan period.The State Council-approved plan aims to significantly raise the household consumption-to-GDP ratio and achieve relatively fast growth in total goods and services consumption. Additional targets include optimizing consumption structure, continuously improving consumption capacity, enhancing the supply of goods and services, and substantially improving the consumption environment.On the economic front, China's trade surplus widened to $125.6 billion in June from $105.4 billion in May. The reading was higher than the consensus forecast of $121.4 billion tracked by Investing.com.In company news, Wus Printed Circuit Kunshan (SHE:002463) forecasted first-half attributable net profit of between 2.83 billion yuan and 3.00 billion yuan, compared with 1.68 billion yuan the previous year. Shares of the printed circuit board manufacturer jumped 10% Tuesday.
