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1st LD-Writethru: Chinese shares close higher Wednesday

Xinhua, July 13, 2016 Adjust font size:

Chinese stocks closed higher Wednesday, with the benchmark Shanghai Composite Index up 0.37 percent, at 3,060.69 points.

The smaller Shenzhen index closed 0.89 percent higher at 10,853.56 points.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, gained 1.69 percent to close at 2,285.37 points.

Turnover on the two bourses stood at 729.1 billion yuan (112.1 billion U.S. dollars), up from 699.8 billion yuan the previous trading day.

Finance and manufacturing boosted the index as investors bet on further fiscal and monetary stimulus.

Premier Li Keqiang said Tuesday during a meeting with experts and entrepreneurs that the second quarter saw smooth economic growth and China will continue to promote the new economy to foster growth.

China will push ahead with the upgrading of its economy, with a focus on supply-side structural reform. It will streamline administration and improve services for enterprises, reduce the tax and leverage ratios, and cultivate new economic drivers via innovation to boost growth and employment, according to the premier. Enditem