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Policy support hopes lift stocks

[ 2009-09-04 13:44]     字号 [] [] []  
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Chinese stocks rose for a third day on speculation regulators will adopt measures to boost the nation's equities following declines in the past month.

CITIC Securities Co, the country's largest brokerage, jumped 6.6 percent after newspapers highlighted comments by Liu Xinhua, vice chairman of the China Securities Regulatory Commission, that regulators will promote a "stable and healthy" market.

SAIC Motor Co, the Chinese partner of General Motors Co, gained 6.7 percent to 18.55 yuan after GM said full-year sales in China may rise more than 40 percent as tax cuts and stimulus measures helped double demand in August.

Hong Kong stocks rose as Aluminum Corp of China Ltd led gains after Alcoa Inc lifted its forecast for global aluminum consumption and on optimism that the city's economy may stage a full recovery by mid-2010.

The city's exports and economy may "fully recover" by the middle of next year according to Hong Kong Trade Development Council's chief economist.

"The Chinese economy has stabilized, it's gone for a period of recovery," said Michael Liang, chief investment officer at Foundation Asset Management (HK) Ltd, which manages $80 million. "The picture is more positive than negative. I'm not too worried."

The Shanghai stock index slumped the most since October last month as banks reined in lending to avert asset bubbles and policy makers advised industries to curb overcapacity.


1. According to the report how many days has the Shanghai stock index risen for?

2. The vice chairman of which commission spoke to newspapers alleging that the government would not allow the market to collapse?

3. Why did banks rein in lending last month?


1. 3 days.

2. The China Securities Regulatory Commission.

3. To avert asset bubbles and curb overcapacity in industry.

(英语点津 Helen 编辑)

Policy support hopes lift stocks

Policy support hopes lift stocksBrendan joined The China Daily in 2007 as a language polisher in the Language Tips Department, where he writes a regular column for Chinese English Language learners, reads audio news for listeners and anchors the weekly video news in addition to assisting with on location stories. Elsewhere he writes Op'Ed pieces with a China focus that feature in the Daily's Website opinion section.

He received his B.A. and Post Grad Dip from Curtin University in 1997 and his Masters in Community Development and Management from Charles Darwin University in 2003. He has taught in Japan, England, Australia and most recently China. His articles have featured in the Bangkok Post, The Taipei Times, The Asia News Network and in-flight magazines.