Shanghai shares rise on growth prospect

By Ye Zhen | October 21, 2013, Monday |

Online Edition

Shanghai stocks advanced in the morning after the central government pledged to push forward economic restructuring.

The benchmark Shanghai Composite Index rose 1.13 percent to close at 2218.55. Turnover amounted to 66.6 billion yuan (US$10.9 billion).

China will step up efforts to promote reforms and structural adjustment in the fourth quarter to improve growth quality and unleash the endogenous dynamic of economic development, according to a statement issued yesterday after a State Council meeting chaired by Premier Li Keqiang.

China’s gross domestic product rose 7.8 percent in the third quarter from a year earlier, the National Bureau of Statistics said Friday.

Shares related to the pilot free trade zone in Shanghai led the gainers after the zone’s administrator said that new measures to ease corporate registration and customs clearing procedures have provided a huge boon for businesses.

BesTV New Media Co, which has a joint venture with Microsoft in the pilot zone, rose 6.37 percent to 44.1 yuan. Shanghai Oriental Pearl (Group) Co, which has also set up a venture in the zone, jumped 8.04 percent to 12.1 yuan.

Finance

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Shanghai shares rise on growth prospect

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