The Chinese stock market rose sharply Thursday, ending several days of deep losses. Shanghai's main stock index increased 5.3 percent, its biggest one-day gain in eight weeks. The gains took place in the last 45 minutes of trading. Stocks had decreased by 23 percent in the past five days.

Last Sunday, the Chinese government changed financial rules to permit retirement funds to invest in the stock market. The move means the retirement pay of 200 million Chinese will be tied to the gains and losses of stock trading.