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Shanghai shares up 1.62% on Beijing’s vow for reform
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Shanghai stocks rose the most in a week after the central government pledged to push forward economic restructuring.
The benchmark Shanghai Composite Index climbed 1.62 percent to close at 2,229.24 points. Daily turnover stood at 124 billion yuan (US$20.3 billion).
China will step up efforts to promote economic reforms and structural adjustment in the fourth quarter to improve the quality of growth, according to a statement issued yesterday after a State Council meeting chaired by Premier Li Keqiang.
Although challenges and risks remain, China is capable of attaining social and economic targets set for the year, the statement said.
China’s economic growth accelerated to 7.8 percent in the third quarter from a year earlier, the National Bureau of Statistics said last week.
Shares related to the Shanghai Free Trade Zone led the gainers after the zone’s administrator said new measures to simplify company registration and customs procedure will greatly benefit businesses.
BesTV New Media Co, registered in the zone and partly owned by Microsoft, rose 6.4 percent to 44.10 yuan. Shanghai Oriental Pearl (Group) Co, also in the zone, jumped by the daily limit of 10 percent to 12.32 yuan.
Companies in the environment protection industry gained as well. Beijing Capital Co, a company specializing in sewage disposal, rose 3.4 percent to 7.84 yuan. Tianjin Capital Environmental Protection Group added 2.4 percent to 9.48 yuan.
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