Vow on reform lifts index 1.62%
Print Edition
Shanghai stocks yesterday rose the most in a week after the central government pledged to push forward economic restructuring.
The Shanghai Composite Index rose 1.62 percent to 2,229.24 points.
China will accelerate reforms and structural adjustment in the fourth quarter, said a statement issued on Sunday after a State Council meeting chaired by Premier Li Keqiang. Although challenges and risks remain, China is confident of fulfilling social and economic targets set for the year, the statement said.
China’s economy rose 7.8 percent in the third quarter from a year earlier, accelerating from 7.5 percent in the second quarter, the National Bureau of Statistics said last week.
“Recent economic data are in line with expectations (and) providing fundamental support to the market,” CITIC Securities said yesterday. “The market will also get a boost from rising hopes over reforms ahead of the Third Plenary Session in November.”
The brokerage was referring to an important meeting of the Communist Party of China set for November.
Shares related to the pilot free trade zone in Shanghai led gainers after the zone said new measures to ease corporate registration and customs clearing procedures have benefitted businesses there.
BesTV New Media Co, which has a joint venture with Microsoft in the zone, rose 6.4 percent to 44.10 yuan. Shanghai Oriental Pearl (Group) Co, which also has a venture in the zone, rose by the daily limit of 10 percent to 12.32 yuan.
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