Xi says ice and snow becoming new driver of economic growth

Chinese President Xi Jinping said Friday the ice-and-snow fervor and related economy are becoming new engines of Harbin's high-quality development and new pathways of its opening up.

Xi made the remarks while addressing a welcome banquet held for dignitaries who are in Harbin to attend the opening ceremony of the 9th Asian Winter Games.

The welcome banquet was hosted by Xi and his wife, Peng Liyuan.

Harbin, dubbed China's "ice city", is the birthplace of the country's modern winter sports. The city hosted the third edition of the Games in 1996.

"Harbin, the renowned 'Ice City', is the birthplace of China's modern winter sports. We feel truly in here that ice and snow are as valuable as gold and silver. The ice and snow culture and economy are becoming a new driving force for the high-quality development of Harbin and a new bond linking the city and the world. We welcome you to explore this hospitable, open and inclusive land of black soil," Xi said.

Chinese stocks closed lower on Thursday, with the benchmark Shanghai Composite Index down 0.32 percent to 4,093.25 points.

The Shenzhen Component Index closed 0.88 percent lower at 15,043.45 points.

The combined turnover of the two indices totaled 2.8 trillion yuan (about 408.5 billion U.S. dollars), expanding from 2.56 trillion yuan on the previous trading day.

Precious metals, minor metals, and PET copper foil sectors were among the top decliners, while liquor, coal mining and processing, and oil and gas extraction led the gains.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 0.87 percent to close at 3,720.25 points Thursday.

The STAR Composite Index, which reflects the performance of stocks on China's sci-tech innovation board, closed 1.81 percent lower at 1,840.6 points.