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Reform vow lifts index to 4-month high
By Ye Zhen |
December 18, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks closed up yesterday, sending the key index to a more than four-month high, as investors were encouraged by the central government's pledge to deepen reform and pursue a stable economic growth.
The Shanghai Composite gained 0.45 percent to 2,160.34 points, the highest close since August 10.
China will maintain a proactive fiscal policy and a prudent monetary stance next year while deepening reform to pursue a sustained and healthy economic growth, according to a statement issued after a two-day Central Economic Work Conference chaired by Xi Jinping, new general secretary of the Communist Party of China.
The leadership's determination helped lift market confidence and fueled investor high hopes for future reforms, said Liu Zhiwei, analyst with Huatai Securities.
The statement also pointed out the government's emphasis on the role of urbanization in boosting domestic consumption and its pledge to improve the quality of urbanization.
"Urbanization will produce enormous demand for consumption and investment," said Tu Jun, analyst with Shanghai Securities.
Shaanxi Qinling Cement (Group) Co rose 6.5 percent to 6.25 yuan (US$1). Xinjiang Qingsong Building Materials and Chemicals (Group) Co surged 6.6 percent to 9.99 yuan.
The Shanghai Composite gained 0.45 percent to 2,160.34 points, the highest close since August 10.
China will maintain a proactive fiscal policy and a prudent monetary stance next year while deepening reform to pursue a sustained and healthy economic growth, according to a statement issued after a two-day Central Economic Work Conference chaired by Xi Jinping, new general secretary of the Communist Party of China.
The leadership's determination helped lift market confidence and fueled investor high hopes for future reforms, said Liu Zhiwei, analyst with Huatai Securities.
The statement also pointed out the government's emphasis on the role of urbanization in boosting domestic consumption and its pledge to improve the quality of urbanization.
"Urbanization will produce enormous demand for consumption and investment," said Tu Jun, analyst with Shanghai Securities.
Shaanxi Qinling Cement (Group) Co rose 6.5 percent to 6.25 yuan (US$1). Xinjiang Qingsong Building Materials and Chemicals (Group) Co surged 6.6 percent to 9.99 yuan.
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