Chinese mainland stock benchmarks rose much faster than their US, European, Hong Kong and Japanese counterparts. The Shanghai Composite Index gained 23.93 percent, the Shenzhen Component Index soared 36.84 percent and the ChiNext Price Index, which tracks growth enterprises in Shenzhen, jumped 35.43 percent.
In order to tackle uncertainty in the global economy, countries around the world should support inclusive and sustainable economic growth in their macroeconomic policies and continue with structural reform to help companies develop, Zhang Tao, vice president of the International Monetary Fund, said at the two-week Boao Forum for Asia, which ended March 29.
China's five state-owned banks revealed their financial results for 2018. Industrial and Commercial Bank of China led profit, taking CNY298 billion (USD44.4 billion), up 4.1 percent from a year earlier, with a non-performing loan rate of 1.52 percent.
China Construction Bank posted the largest profit gain, boosting earnings 5.11 percent to CNY255 billion as NPLs made up just 1.46 percent of lending. Net profit at Agricultural Bank of China rose 5.08 percent to nearly CNY203 billion with an NPL rate of 1.59 percent. Bank of China earned CNY180 billion, up 4.45 percent as 1.42 percent of loans failed to perform, and Bank of Communications pocketed CNY73.6 billion, 4.85 percent more than last year with an NPL rate of 1.49 percent.
One hundred and twenty nine fund companies released their 2018 financial reports. Net assets among them tallied CNY13 trillion (USD1.9 trillion), and there were 1.2 billion holders of shares in the funds, up 44 percent from a year earlier. The funds lost CNY122.9 billion throughout last year but have gained nearly CNY672 billion since the beginning of 2019. Tianhong Asset Management, operated by Alibaba's Yu'e Bao, has been the most successful, rising by CNY184.2 billion.
China's central bank conducted only three reverse repos in March as monetary policy remained loose.
Many financial experts doubted the central bank would cut the reserve requirement ratio on April 1, but said that a cut this month is becoming more and more plausible.
Liquor maker Kweichow Moutai earned CNY35.2 billion in net profit on revenue of CNY73.6 billion, according to its financial report published March 28. Its share price closed 5.85 percent higher at almost CNY854 (USD127.28) a share on March 29, taking the firm's market cap to CNY1.1 trillion (USD164 billion).
The China Securities Regulatory Commission approved the formation of JP Morgan Chase Securities China and Nomura Orient International Securities, two of the first foreign-controlled securities firms in the country. JP Morgan and Nomura will each hold 51 percent shares of their joint ventures, the same shareholding ratio UBS Group has held in local arm UBS Securities since it increased its stake last year under new rules permitting overseas companies control of securities joint ventures on the Chinese mainland.
A reduction in China's value-added tax rate which takes place today, cuts the retail price of gasoline and diesel in the country by CNY225 (USD33.55) and CNY200 per ton, the National Development and Reform Commission said. On March 28, it had said that international prices would rise by CNY80 a ton.