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People's Daily Online>>China Business

Soft landing remark lifts index higher

By Hu Xiaocen (Shanghai Daily)

08:47, March 20, 2012

SHANGHAI stocks closed slightly higher yesterday after a senior official at the International Monetary Fund said China was heading toward an economic soft landing because of strong investments.

The Shanghai Composite Index added 0.23 percent to end at 2,410.18 points, the highest level in a week.

Zhu Min, deputy managing director of the IMF, said in Hong Kong yesterday that the strong investments that are still being lured to China will ensure the country avoid an economic hard landing. But inflation remains a long-term challenge for China, he cautioned.

IMF head Christine Lagarde echoed Zhu's comments about basically strong growth in emerging markets like China. She also warned of the risks from rising oil prices and debt levels in developed countries.

Adrian Mowat, a strategist at JPMorgan Chase & Co, differed from Zhu by suggesting the bearish Chinese market since last year indicated that China is already experiencing a hard landing as car sales, cement and steel production have fallen.

Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co, China's biggest producer of rare earth, jumped 4.26 percent to 71.91 yuan (US$11.38).

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