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Wen's remarks give tonic to share index
By Ye Zhen |
September 13, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks ended higher yesterday after Chinese Premier Wen Jiabao said the government would use fiscal surplus and investment in public projects to revitalize the economy.
The Shanghai Composite Index added 0.28 percent to 2,126.55 points.
The market sentiment improved after Wen said he remained upbeat about the economy and that China would meet this year's economic growth target of 7.5 percent with policy support.
China has room for additional fiscal and monetary measures to stimulate growth and may use its fiscal surplus and a fiscal stability fund of more than 100 billion yuan (US$16 billion), if necessary, to shore up the economy, Wen said on Tuesday during a speech at the Summer Davos Forum held in Tianjin.
Zhang Xiaoqiang, a senior official at the National Development and Reform Commission, the nation's top economic planner, said China will invest 3.6 trillion yuan to develop energy-saving projects between 2011 and 2015.
Cement producers gained on speculation that the stimulus package would revive demand. Shaanxi Qinling Cement Co surged by the daily limit of 10 percent to 4 yuan. Gansu Qilianshan Cement Group Co jumped 4.4 percent to 11.81 yuan.
Defense-related companies extended a two-day rally. Asian Star Anchor Chain Co rose 1.7 percent to 9.18 yuan, CSSC Jiangnan Heavy Industry Co added 1 percent to 16.22 yuan and China CSSC Holdings Limited edged up 0.83 percent to close at 21.80 yuan.
The Shanghai Composite Index added 0.28 percent to 2,126.55 points.
The market sentiment improved after Wen said he remained upbeat about the economy and that China would meet this year's economic growth target of 7.5 percent with policy support.
China has room for additional fiscal and monetary measures to stimulate growth and may use its fiscal surplus and a fiscal stability fund of more than 100 billion yuan (US$16 billion), if necessary, to shore up the economy, Wen said on Tuesday during a speech at the Summer Davos Forum held in Tianjin.
Zhang Xiaoqiang, a senior official at the National Development and Reform Commission, the nation's top economic planner, said China will invest 3.6 trillion yuan to develop energy-saving projects between 2011 and 2015.
Cement producers gained on speculation that the stimulus package would revive demand. Shaanxi Qinling Cement Co surged by the daily limit of 10 percent to 4 yuan. Gansu Qilianshan Cement Group Co jumped 4.4 percent to 11.81 yuan.
Defense-related companies extended a two-day rally. Asian Star Anchor Chain Co rose 1.7 percent to 9.18 yuan, CSSC Jiangnan Heavy Industry Co added 1 percent to 16.22 yuan and China CSSC Holdings Limited edged up 0.83 percent to close at 21.80 yuan.
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