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December 12, 2017

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Chinese shares record higher finish

CHINESE stocks closed higher yesterday, with the Shanghai Composite Index up 0.98 percent, at 3,322.2.

The Shenzhen Component Index closed 1.9 percent higher at 11,143.26.

The ChiNext Index, which tracks China’s NASDAQ-style enterprises, gained 1.38 percent to close at 1,816.98.

Most shares rallied on the two bourses, with counters in liquor and home appliances leading the gains.

Kweichow Moutai, China’s leading liquor company, rose 3.78 percent to 650.99 yuan (US$98.38), while shares of Wuliangye Group added 5.89 percent to 71.9 yuan.

Two of China’s leading home appliance makers also rose, with Midea Group up 6.33 percent to 53.62 yuan and Gree Electric Appliances adding 4.2 percent to 43.44 yuan.

China’s fiscal revenue and expenditures both grew steadily in the first 11 months amid strong economic growth, the Ministry of Finance said in a report yesterday.

Fiscal revenue rose 8.4 percent year on year to nearly 16.2 trillion yuan in the first 11 months, while fiscal expenditure gained 7.8 percent to nearly 18 trillion yuan.

China promised a more proactive and effective fiscal policy in 2017, with the fiscal deficit set at 3 percent of GDP, or 2.4 trillion yuan, up 200 billion yuan from 2016.


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