Key index surges to highest in 2 weeks
By Hu Xiaocen |
May 30, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks rose yesterday to their highest level in two weeks as investors were cheered about China's economic outlook following the government's measures to boost the slowing economy.
The Shanghai Composite Index gained 1.2 percent to 2,389.64 points.
"The government has introduced a portfolio of measures to tackle the slowdown due to the European debt crisis," said Zhang Gang, a commentator at China Business News. "The supporting monetary policies and fiscal policies are restoring investor confidence. Investors are now more optimistic about the economic outlook."
The Ministry of Finance yesterday said the government will subsidize the use of energy-saving products, including energy-efficient flat-panel TVs and air conditioners.
"According to our estimates, the promotion of energy-efficient appliances will create purchases worth more than 135 billion yuan (US$21.3 billion), and save 12 billion kilowatt-hours of electricity that is equivalent to 4 million tons of coal," the ministry said.
Electrical appliance makers gained. Hisense Electric Co soared 5.9 percent to 18.88 yuan, and Harbin Air Conditioning Co rose 3.2 percent to 6.22 yuan. TV maker Sichuan Changhong Electric Co added 2.6 percent to 2.33 yuan.
The Shanghai Composite Index gained 1.2 percent to 2,389.64 points.
"The government has introduced a portfolio of measures to tackle the slowdown due to the European debt crisis," said Zhang Gang, a commentator at China Business News. "The supporting monetary policies and fiscal policies are restoring investor confidence. Investors are now more optimistic about the economic outlook."
The Ministry of Finance yesterday said the government will subsidize the use of energy-saving products, including energy-efficient flat-panel TVs and air conditioners.
"According to our estimates, the promotion of energy-efficient appliances will create purchases worth more than 135 billion yuan (US$21.3 billion), and save 12 billion kilowatt-hours of electricity that is equivalent to 4 million tons of coal," the ministry said.
Electrical appliance makers gained. Hisense Electric Co soared 5.9 percent to 18.88 yuan, and Harbin Air Conditioning Co rose 3.2 percent to 6.22 yuan. TV maker Sichuan Changhong Electric Co added 2.6 percent to 2.33 yuan.
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