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Shares rise on pledge by government

    Shanghai stocks rose yesterday after investors were cheered by the central governments pledge it would deepen structural reform and improve economic quality in the coming year.

    The Shanghai Composite Index edged up 0.38 percent to 3,300.06 points.

    Investor turned optimistic after China vowed the economy will focus on high-quality development and the government will continue to deepen the supply-side structural reform in 2018.

    Real estate developers rose after the government said it will ensure the sector’s stable development and promote housing purchases and rentals.

    Poly Real Estate Group Co Ltd jumped 7.78 percent to 13.03 yuan (US$1.97), Fiberhome Telecommunication Technologies Co Ltd rose 3.34 percent to 31.55 yuan and Beijing Dalong Weiye Real Estate Development Co Ltd added 2.39 percent to close at 3.86 yuan.