Latest News:  
Beijing   Overcast/Cloudy    27 / 21 ℃  City Forecast

English>>China Business

Mainland markets latch on to planner’s construction initiatives

By Yu Xi (Global Times)

10:48, September 10, 2012

Chinese mainland stock markets notched their largest single-day gains in almost eight months Friday after the country's top economic planner gave its nod to a raft of new infrastructure projects.

The Shanghai Composite Index finished trading at 2,127.76 points Friday, up 75.84 points, or 3.70 percent; while the Shenzhen Component Index wrapped up last week at 8,709.07 points after climbing 420.80 points, or 5.08 percent, on the day.

Both markets kicked off last week with slight rallies after China's official purchasing managers' index (PMI) for August slipped to a nine month low of 49.2, sparking expectations that the government would soon have no choice but to intervene with favorable policies to temper the weakening manufacturing sector. The government dashed these hopes Tuesday, however, when it failed to step forward with any support, sending banking, insurance, securities and real estate stocks tumbling. The Shanghai Composite and the Shenzhen Component found further room to fall Wednesday after anxieties about the non-performing loan risks facing China's banks eroded investor confidence.

Mainland markets pulled out of their tailspin Thursday after railway, construction and infrastructure shares rallied on word that the National Development and Reform Commission (NDRC) had given the green light to 25 new urban rail projects across China. The NDRC gave markets more to smile about Friday after reports emerged that the planning body had approved 11 major infrastructure projects worth more than a combined 1 trillion yuan ($158 billion), according to the Economic Information Daily.

【1】 【2】



News we recommend:
Diaoyu row hurts Japanese car sales in China New Controls in the Making Housing report notes rise in sales
The Price Goes Up and Up Rail projects to spur economy Finance vehicle loans to local govts up in H1
A Treasure Trove of Resources  Kai-Fu Lee, Citron battle heats up Frictions Over Renewable Energy

Email|Print|Comments(Editor:李倩、厉振羽)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Special operation members conduct anti-piracy training

  2. They have reasons to be naked

  3. Inflation rebounds to 2% in August

  4. A priceless sip of old Beijing - Lao She Teahouse

  5. Derge Sutra Printing House: treasury of Tibetan culture

  6. Sami Khedira and his girlfriend Lena Gercke on GQ

Most Popular

Opinions

  1. Commentary: Short sellers preying on firms
  2. The second sex
  3. APEC injects new impetus into growth
  4. Videos, museum help defend Diaoyu Islands claim
  5. ASEAN 'must not take sides in disputes'

What's happening in China

Back to school after Beijing flood

  1. Daily necessities available in Yunnan quake zone
  2. More detailed PM 2.5 readings set for Beijing
  3. Couple beaten after shushing man at movie
  4. Mengniu says worms in its milk 'not possible'
  5. Help on the way for survivors of killer earthquakes

China Features

  1. Cooperation promote sustainable economic growth
  2. Exclusive:A probe into GM rice test
  3. How much we continue to pay for 'face saving? '
  4. Entering China's northernmost village
  5. Italy makes efforts to attract Chinese students

PD Online Data

  1. Ministry of Water Resources
  2. Ministry of Railways
  3. People's Bank of China
  4. Ministry of Health
  5. Ministry of Culture