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WB report lifts shares

    Shanghai stocks ended higher yesterday on gains made by financial companies and a bullish World Bank report on China's economic outlook.

    The Shanghai Composite Index rose 0.88 percent to close at 3,296.54 points.

    Investors were cheered after the World Bank said yesterday that China’s economic growth has remained strong this year, supported by rising household incomes and improving external demand. The bank said in its report that China’s economic growth is projected at 6.8 percent this year, which exceeded initial expectations.

    In October, the bank predicted China’s economic growth this year at 6.7 percent, 0.1 percentage point below the growth rate released yesterday.

    The bank also cited the recovery in global trade for supporting economic activity in China this year.

    “Business confidence has improved as well, job creation remains buoyant, capital outflows have stabilized and the renminbi has appreciated against the US dollar,” the bank said in the report.

    Hangzhou Freely Communication Co Ltd rose 6.75 percent to 51.90 yuan (US$7.85), New China Life Insurance Co Ltd added 6.69 percent to 68.10 yuan and Jiangsu Wujiang Rural Commercial Bank Co Ltd climbed 4.09 percent to 8.40 yuan.