Chinese stocks closed higher on Monday, with the benchmark Shanghai Composite Index up 0.72 percent to 3,559.79 points.
The Shenzhen Component Index closed 0.86 percent higher at 11,007.49 points.
The combined turnover of these two indices stood at 1.7 trillion yuan (about 237.7 billion U.S. dollars), up from 1.57 trillion yuan of the previous trading day.
Stocks related to cement and building materials led the gains, while stocks related to cross-border payment and the banking sector suffered major losses.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 0.87 percent to close at 2,296.88 points.
Timothy Pope, a market analyst, recapped Chinese stock market performance on Monday as follows:
The investors were very excited today about the start of construction work on the Yarlung Zangbo River hydropower project in Xizang. It's a monumental project, costing 170 billion dollars, and will be the world's biggest hydro power dam once it's completed. And at lot of the 0.7 percent gain on the Shanghai Composite Index today came from engineering and construction related stocks, as the capital market really cheers the start of work on that project. A sub-index tracking those stocks was up 4.3 percent. We saw Power Construction Corporation of China up by the daily limit of 10 percent along with a number of others.
And on the exchange in Beijing, the Hunan Wuxin Tunnel Intelligent Equipment Co., which makes machinery for drilling tunnels, was up by 30 percent. Those stocks really were on a roar today.
Rare earth stocks also continued their gains today with China Northern Rare Earth adding 6.3 percent in the wake of export data last month, which showed a sharp rebound in the export of most critical minerals -- this rebound was absolutely massive, it was up 660 percent -- after a deal was struck between China and the U.S..
Elsewhere, the markets didn't even blink over the People's Bank of China's decision to keep interest rates unchanged this month. After a cut in May, any change was seen as quite unlikely this soon. And attentions now will turn to the upcoming July politburo meeting which will set the tone for the government's economic policy for the next few months.
Analyst recaps Chinese stock market performance on Monday
The 17th meeting of the China-Vietnam Steering Committee for Bilateral Cooperation was held in Hanoi on Tuesday.
Member of the Political Bureau of the Communist Party of China Central Committee and Foreign Minister Wang Yi and Vietnamese Deputy Prime Minister Bui Thanh Son co-chaired the meeting with officials from various ministries and provincial governments of both sides participating online and offline.
Efficient coordination among various departments and localities of the two countries has led to an upgrade in all-round cooperation, Wang noted.
Faced with a complex and volatile international situation, China and Vietnam should join hands to advance the path of socialist modernization, continuously create new prospects for relations between the two parties and countries, and make new contributions to strengthening Global South unity and self-reliance and promoting international and regional peace and stability, said Wang.
He added that both sides should expand the breadth of pragmatic cooperation, including promoting railway connectivity, strengthening cooperation in agriculture, electricity, finance, key minerals, and technological innovation, and jointly safeguarding the multilateral trading system.
Efforts should also be made to maintain the momentum of people-to-people exchanges, such as promoting cooperation in media, publishing, radio, and film, and to strengthen the management of differences, advance maritime cooperation, and conclude consultations of the Code of Conduct in the South China Sea at an early date, Wang added.
Son said that Vietnam has always regarded China as a top priority and strategic choice in its foreign policy, adding that Vietnam firmly adheres to the one-China policy and opposes any form of Taiwan separatist activities.
He added that Vietnam agrees with the next steps of cooperation proposed by China, and is willing to further consolidate strategic mutual trust, prepare for high-level exchanges, and strengthen party and parliamentary exchanges.
Vietnam is willing to deepen defense and security cooperation, promote mutually beneficial cooperation in trade, agriculture, finance, green energy, and cultural and educational fields, strengthen multilateral coordination and cooperation, properly manage differences, and advance Vietnam-China relations to deeper and more substantive levels, Son said.
China, Vietnam hold meeting to advance cooperation
