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Shanghai shares fall on Premier Li's remarks
By Ye Zhen |
May 15, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks edged down this morning after Chinese Premier Li Keqiang indicated that the government is unlikely to roll out more stimulus measures to boost economy.
The key Shanghai Composite Index shed 2.44 points, or 0.11 percent, to 2,214.57. Turnover was 34.2 billion yuan (US$5.6 billion) by the noon break.
"We must rely on market mechanism to achieve this year's development targets as there isn't much room for stimulus policies or government investment," Li told a nationwide teleconference on May 13, according to a report last night.
Li said the transformation of the government is urgently needed to maintain healthy development of the economy, stabilize growth, control inflation and prevent risks.
His words indicated that the central government is unlikely to issue stimulus measures to curb economic slowdown as it did at the onset of the financial crisis in 2008 by announcing a 4-trillion-yuan stimulus package.
"The timing for the government to introduce stimulus measures to bolster economic growth has yet to come as Beijing showed more tolerance for economic slowdown," Xiangcai Securities said in a report.
Coal miners led the market down. Shanxi Lanhua Sci-Tech Venture Co lost 1.3 percent to 16.41 yuan. Shanxi Lu'an Environmental Energy Development Co shed 0.7 percent to 15.57 yuan. Wintime Energy Co decreased 2.4 percent to 7.85 yuan.
Non-ferrous metals producers also declined. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 0.4 percent to 27.68 yuan. Xiamen Tungsten Co dropped 2.3 percent to 32.10 yuan.
The key Shanghai Composite Index shed 2.44 points, or 0.11 percent, to 2,214.57. Turnover was 34.2 billion yuan (US$5.6 billion) by the noon break.
"We must rely on market mechanism to achieve this year's development targets as there isn't much room for stimulus policies or government investment," Li told a nationwide teleconference on May 13, according to a report last night.
Li said the transformation of the government is urgently needed to maintain healthy development of the economy, stabilize growth, control inflation and prevent risks.
His words indicated that the central government is unlikely to issue stimulus measures to curb economic slowdown as it did at the onset of the financial crisis in 2008 by announcing a 4-trillion-yuan stimulus package.
"The timing for the government to introduce stimulus measures to bolster economic growth has yet to come as Beijing showed more tolerance for economic slowdown," Xiangcai Securities said in a report.
Coal miners led the market down. Shanxi Lanhua Sci-Tech Venture Co lost 1.3 percent to 16.41 yuan. Shanxi Lu'an Environmental Energy Development Co shed 0.7 percent to 15.57 yuan. Wintime Energy Co decreased 2.4 percent to 7.85 yuan.
Non-ferrous metals producers also declined. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 0.4 percent to 27.68 yuan. Xiamen Tungsten Co dropped 2.3 percent to 32.10 yuan.
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