Buoyed by overflowing credit and massive anticipation that China's economy will come out of the global downturn stronger and earlier than others, investors snapped up stocks boosting the Shanghai stock exchange index past the milestone of 3,000 on Wednesday.
The Shanghai composite index closed at 3,008.15 points, rising 1.65 percent over Monday, on a turnover of nearly 160 billion yuan, the highest in more than 12 months. The index has grown more than 64 percent since the beginning of this year.
Market watchers say that after a short period of mild corrections, China's stock market will march towards higher lands.
A woman walks in front of the index screen at a stock market in Shenyang, capital of northeast China's Liaoning Province, July 1, 2009. Chinese equities gained 1.65 percent Wednesday, with the benchmark index climbing above 3000-point mark. The benchmark Shanghai Composite Index on Shanghai bourse closed at 3,008.15 points, up 48.79 points. The Shenzhen Component Index closed at 11,848.75 points, up 282.14 points, or 2.44 percent. (Xinhua/Li Gang)
Chinese investors are encouraged by the government's huge stimulus plan to jumpstart the economy from a sudden decline of outside demand, since the global financial crisis erupted in September. A loose monetary policy left open the sluice for credit, with more than 6 trillion yuan of loans have been issued during the first 6 months.
People watch the index screen at a stock market in Shanghai, China, July 1, 2009. Chinese shares closed up 1.65 percent on Wednesday, pushing the key Shanghai index above 3,000 points up to 3,008.15 for the first time in more than a year.(Xinhua)
And, China's manufacturing activity expanded in June for the fourth consecutive month, official figures have shown, the latest sign of economic recovery.
The official Purchasing Managers' Index, or PMI, for the manufacturing sector hit 53.2 in June, up from 53.1 in May.
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