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Shanghai shares close higher

March 07,2018

   
   

Shanghai stocks closed higher yesterday after investor sentiment rose on confidence China's GDP growth target will be met and its plans to lure foreign investment.

The Shanghai Composite Index rose 1 percent to close at 3,289.64 points.

Coal and steel producers, healthcare firms and property developers made massive gains today, according to data compiled by financial information provider Tonghuashun.

Investors cheered at the remark by the National Development and Reform Commission at a press conference in Beijing today that China will be able to meet the 6.5 percent growth target for its gross domestic product in 2018.

“We are confident of achieving the growth target of 6.5 percent this year. The 6.5 percent growth target of 2018 is in line with expectations," He Lifeng, head of NDRC, said at the press conference. "The commission is also taking a series of measures to boost investment in the real economy. In 2018, the commission will further promote private enterprise and social capital investment.”

Investor sentiment also warmed after the NDRC, the nation's top economic planner, said China will take measures this year to attract more foreign investment.

Ning Jizhe, deputy head of the NDRC, said at the same press conference today that “in order to promote steady growth of foreign investment, the commission will relax market access, facilitate investment and encourage entry of foreign capital in more regions.”

Ning also added that China will open the door wider to foreign investment in the services and manufacturing.

Yang Quan Coal Industry Group Co Ltd surged 9.24 percent to 8.87 yuan (US$1.40), Gree Real Estate Co Ltd jumped 7.96 percent to 5.83 yuan and Top Choice Medical Investment Co Inc added 6.61 percent to 40.99 yuan.