China stocks end higher on stimulus measures

China shares closed higher on Thursday after Beijing laid out plans to bolster its economy, which included investments in infrastructure and easing of residency curbs. ** The blue-chip CSI300 index rose 0.9% to 4,025.99, while the Shanghai Composite Index closed up 0.9% at 3,007.35.

** China plans 800 billion yuan ($114.32 billion) in railway investment, 1.8 trillion yuan in highway and waterway investment and 90 billion yuan in civil aviation investment in 2020, state radio said, citing Minister of Transport Li Xiaopeng. ** The CSI300 infrastructure index jumped 0.9% following the news.

** Real estate index rallied 2.9% and was the top gainer among all sectors. ** China scrapped restrictions on household registration permits for cities under 3 million population, and comprehensively loosened such curbs for cities of 3 million to 5 million residents, according to a document issued by the cabinet.

** In April, China said it would relax residency curbs in many of its smaller cities this year and increase infrastructure spending. ** Easing norms for urban residency will promote urbanization and boost housing demand, Huachuang Securities analyst Yuan Haos said in a report.

** On the trade front, China on Wednesday said both sides' economic and trade teams were in close communication about detailed arrangements for the phase one deal's signing and other follow-up work. ** Around the region, Japan's Nikkei index was up 0.60%.

** The yuan was quoted at 6.9994 per U.S. dollar, 0.15% weaker than the previous close of 6.989. ** By 0711 GMT, China's A-shares were trading at a premium of 26.78% over the Hong Kong-listed H-shares.

($1 = 6.9979 Chinese yuan)