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October 20, 2016

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Shares flat as data fail to cheer investors

SHANGHAI stocks ended flat yesterday as data pointing to signs of stabilization in China’s economy failed to cheer investors.

The Shanghai Composite Index edged up 0.03 percent to 3,084.72 points.

China’s economy grew 6.7 percent year on year in the third quarter, flat from the previous quarter and within the central government’s target of between 6.5 percent and 7 percent for 2016, data released by the National Bureau of Statistics yesterday showed.

“The steady growth was underpinned by the red-hot housing market and infrastructure investment,” said Liu Xuezhi, an economist at Bank of Communications.

“However, as a number of local governments have introduced restrictions on home buyers, investment in the property market may slow next year and add pressure on economic growth.”

Industrial production grew 6.1 percent year on year in September, slower than August’s 6.3 percent. Retail sales rose 10.7 percent last month, compared with 10.6 percent in August.

Yunnan Wenshan Electric Power Co surged 8.9 percent while Sichuan Minjiang Hydropower Co jumped 8 percent.


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