China's stock markets soared by more then 3 per
cent to a three-week high on Thursday, buoyed by hopes of a new
economic stimulus and by the government's insistence that it will
meet economic targets.
The key Shanghai Composite Index, which tracks shares traded in local and foreign currencies, gained 3.23 per cent, or 64.86 points, to close at 2,072.99.
The smaller Shenzhen Component Index rose 4.25 per cent as state media said buyers were excited by reports that the government might relax its financial rules for property firms.
The China Securities Journal said Thursday's rise was spurred by hopes that a "modest stimulus" package might be announced soon, while economists believed that annual growth would not fall below the government's minimum target of 7.5 per cent.
Other media reports said the markets were influenced by Premier Li Keqiang's assurance on Wednesday that his government would ensure that China met its economic targets.
China recorded weaker-than-expected economic growth of 7.7 per cent in the first quarter of this year. Many analysts expect second-quarter growth, scheduled to be announced on Monday, to slow further to about 7.5 per cent.
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