Li’s pledge boosts shares to new high
Print Edition
SHANGHAI stocks skyrocketed to its highest in more than five and a half years as investors were cheered by the Chinese government’s pledge to boost the world’s second-largest economy.
The Shanghai Composite Index surged 2.26 percent to 3,449.3 points. The index touched 3,471.44 on August 4, 2009.
Premier Li Keqiang said the government would do everything to keep China’s economic growth within a reasonable range. He also assured that China was not slipping into deflation.
Addressing a news conference at the end of the annual session of the top legislature, Li said China has several monetary instruments to cope with any downside risks to the economy.
The Ministry of Finance approved a local debt replacement program to lengthen the tenor of existing local government debts.
ANZ Bank said the longer maturity will sharply ease the debt burden for local governments.
The Industrial Bank jumped 3.46 percent to 17.06 yuan (US$2.72), China Merchants Bank rose 1.72 percent to 15.36 yuan, and the Bank of Najing added 1.24 percent to 14.69 yuan.
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