Gains by technology stocks drove a broader climb for China-focused equities benchmarks on Thursday after Beijing announced a new government body to oversee development of the country’s tech sector to be led by its premier.
The State Council, China’s cabinet, announced the formation of a Leading Small Group on technology in a statement published to its website on Wednesday and dated to July 28.
Such groups have become common during the tenure of President Xi Jinping, who has used them to exert greater control over specific policy portfolios deemed vital to the national interest.
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