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China shares up on optimistic prospect in economic growth

Chinese equities gained Monday, boosted by optimistic prospect in the country’s economic growth, analysts said.

The benchmark Shanghai Composite Index gained 61.64 points, or 2.07 percent, to end at 3,038.27. The Shenzhen Component Index rose 449.9 points, or 3.74 percent, to close at 12,483.27.

Gainers outnumbered losers by 852 to 33 in Shanghai and 742 to 26 in Shenzhen.Combined turnover increased to 226.76 billion yuan ($33.2 billion) from 166.45 billion yuan on the previous trading day.

China’s economic growth exceeded 7 percent year on year in the first nine months this year, and it would not be a problem to reach the 8-percent target for the whole 2009, Xiong Bilin, official with the National Development and Reform Commission, said Monday.

An array of economic data, including gross domestic product growth for the third quarter, consumer price index and industrial output, would be released by the National Bureau of Statistics Thursday.

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