Chinese shares advance on debt-reduction planBEIJING — Chinese stocks closed higher on Tuesday boosted by the government’s debt-reduction plan that will accelerate the consolidation of state-owned companies. This photo taken on August 18, 2015 shows investors monitoring stock market movements at a brokerage house in Shanghai. AFP PHOTO / JOHANNES EISELE (mb.com.ph)The benchmark Shanghai Composite Index finished up 0.56 percent at 3,065.25 points. Companies with “temporary difficulties” but “long-term potential” will be able to exchange their debt for stocks, according to the guidelines. The guidelines will boost investor bets in mergers and restructuring among listed state-owned companies, according to China Merchants Securities.

Source: Manila Bulletin October 11, 2016 10:18 UTC