Xiamen International Port Co., operator of the biggest harbor in China’s Fujian province, rose the most on record after the central government approved a Taiwan-focused economic zone. The company jumped 22 percent to HK$1.56 in Hong Kong trading, the most since it sold shares in December 2005. Toll- road operator Fujian Expressway Development Co. and Fujian Cement Inc. both gained by the 10 percent limit in Shanghai.
The State Council, China’s cabinet, gave its in-principle approval to the creation of an economic zone on the western shore of the Taiwan Strait, according to a statement on its Web site yesterday.
“Fujian province plays a central role in the economic zone as it is geographically close to Taiwan, has close kinship and cultural ties, and commercial relationships with the island,” according to the statement.
The State Council’s approval follows last week’s decision by Taiwan to allow Chinese investment in the island for the first time since a civil war ended six decades ago.
The State Council, China’s cabinet, gave its in-principle approval to the creation of an economic zone on the western shore of the Taiwan Strait, according to a statement on its Web site yesterday.
“Fujian province plays a central role in the economic zone as it is geographically close to Taiwan, has close kinship and cultural ties, and commercial relationships with the island,” according to the statement.
The State Council’s approval follows last week’s decision by Taiwan to allow Chinese investment in the island for the first time since a civil war ended six decades ago.