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Shanghai index drops 0.22% in first session of 2012
By Hu Xiaocen |
January 4, 2012, Wednesday
|
Online Edition
Online Edition
THE Shanghai Composite Index fell this morning, the first session of 2012, as Premier Wen Jiabao sees downside pressure on the Chinese economy.
The key index lost 0.22 percent to 2,194.67 points before noon break with a turnover of 22.5 billion yuan (US$3.55 billion).
China's Purchasing Managers' Index stood at 50.3 in December, higher than the November figure of 49, according to official data released on January 1. It is also 1.2 percentage points higher than the estimate of 15 economists surveyed by Bloomberg.
Aircraft and ship manufacturers gained 0.34 percent and 0.18 percent over the improved reading, while the oil sector jumped 1.55 percent.
"We see a downside pressure on our economy and rising inflation at the same time," Premier Wen said during his tour of Hunan Province. "The government is concerned about diminishing global demand as the European debt crisis threatens China's exports."
"Taming inflation will no longer the government's top priority. we are facing the problem of rising costs of companies," said Wen, according to a statement on the government website earlier.
The key index lost 0.22 percent to 2,194.67 points before noon break with a turnover of 22.5 billion yuan (US$3.55 billion).
China's Purchasing Managers' Index stood at 50.3 in December, higher than the November figure of 49, according to official data released on January 1. It is also 1.2 percentage points higher than the estimate of 15 economists surveyed by Bloomberg.
Aircraft and ship manufacturers gained 0.34 percent and 0.18 percent over the improved reading, while the oil sector jumped 1.55 percent.
"We see a downside pressure on our economy and rising inflation at the same time," Premier Wen said during his tour of Hunan Province. "The government is concerned about diminishing global demand as the European debt crisis threatens China's exports."
"Taming inflation will no longer the government's top priority. we are facing the problem of rising costs of companies," said Wen, according to a statement on the government website earlier.
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