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Shares end up on data and fund injection

    Shanghai shares closed yesterday at their highest since December 31, 2015, as investors were buoyed by positive economic data and the Chinese central bank’s efforts to boost liquidity in the financial market.

    The Shanghai Composite Index added 0.39 percent to close at 3,501.36 points.

    Investors were cheered after the National Development and Reform Commission said yesterday that China’s economy grew by a higher-than-expected 6.9 percent to 82.71 trillion yuan (US$12.85 trillion) in 2017.

    “China’s economy has been steadily improving last year. The country has achieved good progress in terms of supply-side structural reform, with quality and efficiency of economic development continuing to improve,” said Yan Pengcheng, an NDRC spokesperson during a conference in Beijing yesterday.

    The economy’s 6.9 percent growth in 2017 is above the government’s official target of 6.5 percent, and also above the GDP growth of 6.7 percent in 2016.

    China International Capital Corporation said in a report the key stock index rose due to stable economic data and improved liquidity conditions. CICC pointed out the A-share market is set to continue trending up, citing a good economic environment and increasing profits in most sectors.

    Sentiment also rose after the People’s Bank of China injected a net liquidity of 110 billion yuan (US$17.18 billion) into the financial market via reverse repurchase agreements, said a statement published on its official website yesterday.