China's plan to boost disposable income sends U.S.-listed Chinese stocks higher
16/08/2019 12:15
** Shares of U.S.-listed Chinese cos move higher early on
Friday after China's state planner says it will roll out a plan
to boost disposable income this year and in 2020 to spur
consumption as the economy slows urn:newsml:reuters.com:*:nP8N1YN01S
** Heavyweights Baidu Inc BIDU.O , JD.com Inc JD.O and
Alibaba Group BABA.N up between 1.1% and 1.7% premarket
** Nio Inc NIO.N up 1.7%, Netflix-like video platform
iQIYI IQ.O up 1.4% and Starbucks SBUX.O rival Luckin Coffee
LK.O up 1%
** Weibo WB.O and LexinFintech Holdings LX.O up 1.9%,
Qudian Inc QD.N up 3.6%, The9 Ltd NCTY.O up 5.8% and PPDAI
Group PPDF.N up 6.4%
** Plan will include further reforming the Hukou system - a
family registration program that serves as a domestic passport
and regulates rural-to-urban migration, a spokeswoman at the
National Development and Reform Commission (NDRC) says
** Will also include expanding channels for making
non-salary income - NDRC
** iShares China Large-Cap ETF FXI.P up 0.8%; SPDR S&P 500
ETF Trust SPY.P up 1%
** Shanghai Composite index .SSEC closes up 0.28%
** FXI has been down 2.3% this year, weighed down by
U.S.-China trade drama
(Reporting by Uday Sampath in Bengaluru)
((UdaySampath.Kumar@thomsonreuters.com; within U.S.+1 646 223
8780; Twitter: @sampath_uday; Reuters Messaging:
UdaySampath.Kumar.thomsonreuters.com@reuters.net))