(Yicai Global) Sept. 23 -- China's mainland stock markets closed higher today thanks to gains by listed pharmaceutical companies after China's top planning agency said the country will speed up the development of coronavirus vaccines.

The ChiNext market that tracks growth enterprises listed in Shenzhen outperformed the main boards, gaining 1.74 percent to close at 2,599.88 points. The Shanghai Composite Index ended 0.17 percent higher at 3,279.71, while the smaller Shenzhen Component Index climbed 0.67 percent to 13,110.07.

The government plans to hasten the development of vaccines against the novel coronavirus that causes Covid-19, the National Development and Reform Commission said earlier today, amid the ongoing global spread of the pandemic. The outbreak has been brought under control in China.

The average gain among pharmaceutical stocks was about 4 percent, led by Vanfund Urban Investment and Development [SHE: 000638], which soared by the daily exchange-imposed limit of 10 percent to CNY7.65 (96 US cents). Tianjin Ringpu Bio-Technology [SHE: 300119] surged 9.1 percent to CNY21.6.

Editor: Peter Thomas