Chinese Shares Rise on Beijing's Economic Growth Targets; Boshi Automation Closes 4%

Chinese shares finished higher on Tuesday, buoyed by the government's new economic growth targets unveiled during the National People's Congress.

The Shanghai Composite Index, the main gauge of Chinese stocks, climbed 0.5%, or 17.75 points, to close Wednesday's session at 3,341.96. The Shenzhen Component Index inched 0.3% higher, or 30.02 points, to 10,709.46.

Premier Li Qiang's announcement of a projected 5% gross domestic product growth for the year injected a wave of optimism into the market.

Adding to the positive sentiment, Beijing revealed plans to issue 1.3 trillion yuan in ultra-long special treasury bonds. This move is expected to stimulate investment and support infrastructure projects, further contributing to economic expansion.

The government also outlined other key economic targets, including a 4% deficit-to-GDP ratio, a 5.5% urban unemployment rate, and a 2% consumer price index. These targets collectively aim to maintain stability and promote sustainable growth.

The positive market reaction was reflected in the performance of individual companies. Harbin Boshi Automation climbed 3.7% after signing an 88.5 million yuan supply deal.

Jiangxi Lianchuang Optoelectronic Science and Technology closed 3.5% amid plans to buy back shares of up to 150 million yuan.

Jiangsu Gian Technology rose 4.4% after its auto parts-manufacturing unit, Changzhou Ruidian Precision Technology, changed its name to Jiangsu Jingyan Intelligent Driving System.

Harbin Boshi Automation signed an 88.5 million yuan contract to provide palletizing equipment to Inner Mongolia Boyuan Yingen Chemical, according to a Shenzhen Stock Exchange filing on Wednesday.

Boyuan Yingen Chemical is a natural alkali miner and a producer of sodium carbonate, sodium bicarbonate and other products.

The Chinese automatic equipment manufacturer will provide a complete set of packaging and palletizing equipment, including embedded software before June 1.

The company's shares closed less than 4% higher.

Jiangsu Gian Technology's auto parts-making unit, Changzhou Ruidian Precision Technology, officially changed its name to Jiangsu Jingyan Intelligent Driving System, according to a Shenzhen Stock Exchange filing on Wednesday.

The name change was recognized after the mold products company obtained the amended business license from the Changzhou Municipal Government Service Management Office in China, the filing said.

The company's shares closed over 4% higher.

Harbin Boshi Automation agreed to provide a complete set of packaging and palletizing equipment to the petrochemical engineering unit of state-owned China National Petroleum Corporation for almost 67 million yuan, according to a Shenzhen Stock Exchange filing on Friday.

The equipment will be delivered in batches before May 30 and June 20 to PetroChina Jilin Chemical Engineering, the Chinese automatic equipment manufacturer said.

Boshi Automation's shares slumped more than 7% in recent trade.