China Media Group (CMG) announced on Thursday to deepen cooperation with Dongfeng Motor, one of the country's largest car manufacturers, on developing advanced broadcast vehicles and other sophisticated facilities at a ceremony held in Beijing.
As one of CMG's iconic technical equipment, its ultra-high-definition broadcast vehicles have achieved domestic production in multiple key technologies, breaking the long-standing reliance on imports, said CMG deputy director Hu Jinjun at the ceremony.
Stressing that Thursday's event marked a new chapter for collaboration between CMG and Dongfeng Motor Corporation, Hu said the two sides will continue to enhance their independent innovation capabilities, comprehensively advance the construction of the all-media communication system, and jointly tell well the stories of Chinese brands.
Dongfeng delivered its Tianlong GX diesel-powered tractor head to CMG on the day, which is compatible with various types of broadcast vehicle bodies currently in use by CMG.
The tractor head is a high-end heavy truck product independently developed by Dongfeng, with multiple indicators reaching international advanced levels, said Yang Qing, chairman of Dongfeng Motor Corp.
Yang pledged to fully support CMG's broadcasting business, eying closer cooperation with CMG to jointly promote the development of domestic brands and serve national economic growth.
The two sides also agreed to expand their partnership in aspects such as media convergence and industry-institute joint research to set a new example for cooperation between state-owned media and enterprises.
CMG deepens cooperation with Dongfeng Motor
The combined turnover of China's Shanghai and Shenzhen bourses reached 2.14 trillion yuan (about 302.5 billion U.S. dollars) on Thursday, marking the fourth consecutive trading day with volume exceeding 2 trillion yuan.
The benchmark Shanghai Composite Index was up 1.32 percent to 3,301.93 points, while the Shenzhen Component Index closed 0.82 percent lower at 10,471.08 points.
Shares related to coal, wind power and banking sectors led the gains, while the semiconductor, securities and property sectors suffered major losses.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 2.95 percent to close at 2,212.91 points Thursday.
China's central bank announced Thursday that it has decided to set up Securities, Funds and Insurance Companies Swap Facility (SFISF), with the initial scale of 500 billion yuan (about 71 billion U.S. dollars) for "the healthy and steady development of the capital market."
The SFISF, which is the first monetary policy tool created by China to support the capital market, will allow eligible securities, funds and insurance companies to use their assets including bonds, stock ETFs and holdings in constituents of the CSI 300 Index as collateral in exchange for highly liquid assets such as treasury bonds and central bank bills, the People's Bank of China said in a statement.
This development sparked interest in high-dividend stocks, with stocks controlled by state capital collectively rising.
More than 10 stocks including Metallurgical China (601618.SH), China Railway Group Ltd. (601390.SH) and COFCO Capital (002423.SZ) hit limit up.
Shanghai, Shenzhen bourses see fourth day with combined turnover topping 2 trillion yuan
