Xi’s remarks soothe share index
Print Edition
Shanghai shares edged up yesterday following comments by Chinese President Xi Jinping about stable economic growth and control over the country’s local government debts.
The Shanghai Composite Index added 0.21 percent to 2,127.62 points.
Xi said the 7.6 percent growth in the country’s economy in the first half of this year is the “result of benign adjustments.” He also assured that the government is able to control local government debts.
“We indeed face difficulties such as local government debts and the capacity surplus of some industries, but they are controllable and we can handle them well,” said Xi as he prepared for the G20 summit in St Petersburg this week.
Meanwhile, shares connected to Shanghai’s pilot free trade zone, aircraft manufacturing and the steel sector gained the most. Shanghai Waigaoqiao Free Trade Zone Development Co jumped by the 10 percent daily limit to 19.77 yuan (US$3.23) even after it filed a report that cautioned investors about “unusual fluctuations” after its shares surged above 20 percent in three consecutive trading days since Friday.
Both Hangzhou Iron and Steel Co and Fushun Special Steel Co rose 10 percent to 3.47 yuan and 6.47 yuan respectively.
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