Shares gain on pledge of prudent moves
Print Edition
SHANGHAI stocks rose slightly yesterday as a central government high-level economic meeting pledged to keep proactive and prudent policies and ensure stability in the Chinese economy next year.
The Shanghai Composite Index edged up 0.42 percent to 2,938.17 points yesterday. For the week, the index gained 1 percent.
The Central Economic Work Conference, an annual tone-setting economic meeting attended by top Chinese leaders, reiterated that China will continue to practice a proactive fiscal policy and a prudent monetary policy, according to a government statement. The meeting also restated that continuity and stability are key to macroeconomic polices.
Shenyin & Wanguo Securities predicted three interest rate and six reserve requirement ratio cuts over the next 12 months to boost the economy.
Sichuan Expressway, Heilongjiang Transport and China Railway Erju all surged by the daily limit of 10 percent to close at 4.57 yuan (74 US cents), 4.46 yuan and 8.99 yuan respectively.
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