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Shanghai stocks surge to 2,031 on upbeat sentiment

(Shanghai Daily)

08:46, December 06, 2012

An investor flashes a "V" sign at her friends sitting in the trading room of a brokerage house in Shanghai today. Shanghai stocks posted the biggest gain since September 7, climbing 2.9 percent to 2,031.91 points.(Shanghai Daily)

SHANGHAI stocks advanced the most in three months, surpassing the crucial 2,000-point level, after China's new leadership pledged policy fine-tuning to stabilize and support economic growth in the coming year.

The shares also rallied amid optimism about the nation's economic outlook and speculations that the market has bottomed out after recent harsh selling.

The benchmark Shanghai Composite Index posted the biggest gain since September 7, adding 2.9 percent to 2,031.91 points. Turnover totaled 85.5 billion yuan (US$13.8 billion) by the trading close.

"China will maintain continuity and stability in economic policies, making them more targeted and effective while fine-tune them appropriately," according to a statement issued after a politburo meeting presided by Xi Jinping, the Party's new general secretary.

China will continue to deepen reforms, improve macro control, expand domestic demand and adjust the economic structure in an effort to improve people's livelihoods and add vitality to the economic development, the statement said.

Improving economic conditions also contributed to the market rebound. A raft of upbeat data about the PMI, retail sales and industrial output testified that China's economy is gaining momentum after slowing down for seven quarters in a row.

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