SHANGHAI, March 6 China stocks started the week
on an upbeat tone as tech shares jumped after Premier Li Keqiang
identified innovation as a key part of the economy's
restructuring at the opening of the annual meeting of the
The blue-chip CSI300 index rose 0.6 percent, to
3,446.48, while the Shanghai Composite Index gained 0.5
percent to 3,233.87 points.
A flood of news from the opening of the National People's
Congress (NPC) meeting over the weekend was interpreted by
investors as positive, despite a cut in China's economic growth
target this year to around 6.5 percent, from a range of 6.5-7
percent in 2016.
"Slower growth has already been priced in by the market. But
the government's emphasis on innovation is sending a positive
message," said Wu Kan, head of equity trading at investment firm
Outperforming the broader market, China's tech-heavy ChiNext
board jumped 1.8 percent, while an index tracking
technology related sectors gained 1.5 percent.
In particular, stocks related to Artificial Intelligence
(AI) soared after the sector was identified by Li as key to
upgrading the economy.
Coal stocks also posted robust gains, as China vowed new
cuts in steel and coal capacity.
(Reporting by Samuel Shen and John Ruwitch; Editing by