Shanghai's benchmark Composite index was at that stage 5.3% higher,
while the CSI 300 index of the largest listed companies in Shanghai and
Shenzhen added 6%.
Sentiment on Greece was also remarkably better
after Greece announced new proposals to try and convince its creditors
to give the embattled country a new lifeline in the form of a bailout
package.
The Greek government will have to ask for parliament's approval on Friday for the new package, which is probably why the market adopted a wait-and-see attitude.
The new set of proposals was similar to the one presented by the European Commission on June 26. It includes creditors’ long-standing demands for sales tax increases and cuts in public spending on pensions.
Greece also proposes the restructuring of its debt and a package of growth measures of €35bn.
The Greek government will have to ask for parliament's approval on Friday for the new package, which is probably why the market adopted a wait-and-see attitude.
The new set of proposals was similar to the one presented by the European Commission on June 26. It includes creditors’ long-standing demands for sales tax increases and cuts in public spending on pensions.
Greece also proposes the restructuring of its debt and a package of growth measures of €35bn.
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