Chinese shares jump 3 pct in afternoon trading

Chinese shares rose on Thursday, with the benchmark Shanghai Composite Index jumping more than 3 percent in the afternoon trading session.

The Shanghai index passed the 3,300-point mark in the afternoon trading session. It continued rising and advanced more than 3 percent around 10 minutes before the closing.

The smaller Shenzhen Component Index jumped nearly 2 percent.

Bank and property shares rallied after data showed that Chinese banks' new lending hit a record high last year, indicating ample liquidity in the market.

Insurance shares were also strong on news that measures on old-age insurance for workers in government agencies and public institutions were unveiled.