Pledge on fiscal steps helps index end higher
By Ye Zhen |
December 8, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks rose yesterday as investors were cheered after the central government pledged proactive fiscal policies to sustain economic growth.
The Shanghai Composite Index gained 1.6 percent to 2,061.79 points. For the week, the index rose 4.1 percent, the biggest weekly gain since October 28, 2011.
China should keep proactive fiscal and prudent monetary policies to sustain economic growth, Xi Jinping, general secretary of the Communist Party of China, said at a meeting with non-Party figures, Xinhua news agency reported.
"The growth that we achieve must be tangible, not exaggerated growth, and should be efficient, of good quality and sustainable," Xi said.
The market also rose amid optimism over November's economic data, including retail sales and industrial production, that are to be released at the weekend.
"The indicators are likely to provide further evidence that China's economy is gathering pace," CEBM Group Ltd said in a report.
The investment advisory firm expects China's industrial output to grow 10.1 percent from a year earlier in November, faster than the 9.6 percent in October.
Lenders rose as the central bank this week injected a net 11 billion yuan (US$1.8 billion) into the market to ease a liquidity crunch. The Industrial Bank gained 3.5 percent to 14.08 yuan. Shanghai Pudong Development Bank rose 4.7 percent to 8.26 yuan, and China Minsheng Banking Corp added 4 percent to close at 6.85 yuan.
The Shanghai Composite Index gained 1.6 percent to 2,061.79 points. For the week, the index rose 4.1 percent, the biggest weekly gain since October 28, 2011.
China should keep proactive fiscal and prudent monetary policies to sustain economic growth, Xi Jinping, general secretary of the Communist Party of China, said at a meeting with non-Party figures, Xinhua news agency reported.
"The growth that we achieve must be tangible, not exaggerated growth, and should be efficient, of good quality and sustainable," Xi said.
The market also rose amid optimism over November's economic data, including retail sales and industrial production, that are to be released at the weekend.
"The indicators are likely to provide further evidence that China's economy is gathering pace," CEBM Group Ltd said in a report.
The investment advisory firm expects China's industrial output to grow 10.1 percent from a year earlier in November, faster than the 9.6 percent in October.
Lenders rose as the central bank this week injected a net 11 billion yuan (US$1.8 billion) into the market to ease a liquidity crunch. The Industrial Bank gained 3.5 percent to 14.08 yuan. Shanghai Pudong Development Bank rose 4.7 percent to 8.26 yuan, and China Minsheng Banking Corp added 4 percent to close at 6.85 yuan.
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