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People's Daily Online>>China Business

Chinese shares rally 4.18 pct on better-than-expected GDP data

(Xinhua)

08:43, January 18, 2012

An investor stands beside a screen in a stock trading hall of Fuyang, east China's Anhui Province, Jan. 17, 2012. The benchmark Shanghai Composite Index advanced 4.18 percent, or 92.18 points, to close at 2,298.38. The Shenzhen Component Index climbed 4.95 percent, or 436.62 points, to finish at 9,264.09. (Xinhua/Lu Qijian)

BEIJING, Jan. 17 (Xinhua) -- China's two-year-low but better-than-expected quarterly GDP growth unexpectedly spurred the country's stock market on Tuesday, with most daily gains in more than two years.

The benchmark Shanghai Composite Index advanced 4.18 percent, or 92.18 points, to close at 2,298.38. It was the most since Sept. 3, 2009. The Shenzhen Component Index climbed 4.95 percent, or 436.62 points, to finish at 9,264.09.

Turnover expanded to 77.4 billion yuan (12.2 billion U.S. dollars) in Shanghai and 60.9 billion yuan in Shenzhen.

The growth of China's gross domestic product (GDP) slowed to 8.9 percent in the fourth quarter of 2011, the National Bureau of Statistics (NBS) said Tuesday.

The GDP growth was the slowest in 10 quarters but faster than overall market forecasts, sparking hopes for loosened economic policies in 2012, analysts noted.

"Although GDP growth fell on a quarterly basis, it was within a reasonable range and the country's economic fundamentals were not changed. We have confidence for 2012's growth," NBS chief Ma Jiantang said at a press conference.


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