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March 7, 2017

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Shares rise as Li pushes innovation

SHANGHAI shares rose yesterday after investors’ spirits were lifted by Premier Li Keqiang’s remark that China would push innovation as a key part of its economic restructuring.

The Shanghai Composite Index gained 0.48 percent to 3,233.87 points.

In his annual work report on Sunday, Li said China will propel innovation into a vital key as the economy revamps. China targets a 6.5 percent economic growth “or higher if possible” in 2017, the report said.

Investors will pay attention to the central government’s specific policies on supply-side reform, financial regulations and state-owned enterprises restructuring, analysts said.

China United Network Communications, the country’s second-largest mobile carrier, gained 1.84 percent to close at 7.21 yuan (US$1.05).


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