Li’s words give hope policy may be eased
Print Edition
SHANGHAI stocks rose yesterday after investors interpreted remarks by Premier Li Keqiang to signal looser monetary policy ahead.
The Shanghai Composite Index added 0.34 percent, or 6.91 points, to 2,041.48.
“China’s economy has stabilized but still faces great downward pressure that should not be taken lightly,” Li said during a tour of Chifeng in the Inner Mongolia Autonomous Region.
He said the government will fine-tune monetary policies to ease the financing woes faced by enterprises.
“We believe this statement is stronger than his past statements and indicates policy easing may accelerate,” Zhang Zhiwei, chief China economist of Nomura, said in a note yesterday. “It reinforces our view that fiscal and monetary policies will be loosened in the second quarter to stabilize growth and counter the risks from the property market.”
President Xi Jinping said development of new-energy cars is the only way to boost China’s vehicle industry.
Sinomach Automobile jumped 4.2 percent to 14.81 yuan (US$2.37). Ningbo Shanshan, which makes lithium battery components, rose 3.5 percent to 15.08 yuan.
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