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Shanghai shares rise as key economic meeting starts
By Wang Yanlin |
December 10, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index gained 0.14 percent in the morning after days of fall. The advance was a positive market response to a top economic planning meeting that opened today to detail China's new monetary policy stance.
The benchmark Shanghai Composite Index ended at 2,814.89 this morning, up 3.94 points from yesterday.
The small expansion was led by construction companies amid news that an annual investment of 700 billion yuan (US$105.2 billion) will be used to propel China's construction of high-speed railway in the next five years.
Also, China's imports grew strongly in November, making trade surplus fall 15 percent from that in October, the General Administration of Customs said today.
Imports in November jumped 37.7 percent from a year earlier to US$130.4 billion, and settled surplus at US$22.9 billion.
The Central Economic Work Conference opened in Beijing today. Zhou Xiaochuan, governor of the central bank, said China will timely adjust the monetary policy in accordance with new economic situations.
Xia Bin, an academic adviser to the central bank, said on Wednesday that a possible interest rate increase will affect the stock price only temporarily, maybe for two or three days.
The benchmark Shanghai Composite Index ended at 2,814.89 this morning, up 3.94 points from yesterday.
The small expansion was led by construction companies amid news that an annual investment of 700 billion yuan (US$105.2 billion) will be used to propel China's construction of high-speed railway in the next five years.
Also, China's imports grew strongly in November, making trade surplus fall 15 percent from that in October, the General Administration of Customs said today.
Imports in November jumped 37.7 percent from a year earlier to US$130.4 billion, and settled surplus at US$22.9 billion.
The Central Economic Work Conference opened in Beijing today. Zhou Xiaochuan, governor of the central bank, said China will timely adjust the monetary policy in accordance with new economic situations.
Xia Bin, an academic adviser to the central bank, said on Wednesday that a possible interest rate increase will affect the stock price only temporarily, maybe for two or three days.
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