Chinese stocks continue to close higher on stimulus policies

BEIJING - Chinese stocks closed higher on Wednesday, buoyed by a raft of stimulus policies announced by authorities on Tuesday.

The benchmark Shanghai Composite Index closed up 1.16 percent to 2,896.31 points, while the Shenzhen Component Index closed 1.21 percent higher at 8,537.73 points.

The combined turnover of stocks covered by the two indices surpassed 1 trillion yuan ($142.45 billion), up from 974.8 billion yuan recorded on the previous trading day.

Over 4,100 stocks ended higher, with those related to culture and media leading the gains.

China's central bank, top securities regulator and financial regulator on Tuesday announced a raft of monetary stimulus, property market support and capital market strengthening measures to support the country's high-quality economic development.

The country will cut the reserve requirement ratio, lower mortgage rates on existing home loans, and create new monetary policy tools to support the stock market, among others.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 1.62 percent to close at 1,641.54 points Wednesday.