Shares rise on NDRC’s remarks

SHANGHAI stocks closed up yesterday as investors believe China’s GDP growth target will be met, and the country will continue to lure foreign investment.

The Shanghai Composite Index rose 1 percent to close at 3,289.64 points.

Investors were lifted by the National Development and Reform Commission’s remarks at a press conference in Beijing yesterday that China will be able to meet the 6.5 percent growth target for its gross domestic product in 2018.

“We are confident of achieving the growth target of 6.5 percent this year. The 6.5 percent growth target of 2018 is in line with expectations,” He Lifeng, head of NDRC, said at the press conference. "The commission is also taking a series of measures to boost investment in the real economy. In 2018, the commission will further promote private enterprise.”

Ning Jizhe, deputy head of the NDRC, said at the same press conference that “in order to promote steady growth of foreign investment, the commission will relax market access, facilitate investment and encourage entry of foreign capital in more regions.”

Ning also said China will open the door wider to foreign investment in the services and manufacturing.

Yang Quan Coal Industry Group Co Ltd surged 9.24 percent to 8.87 yuan (US$1.40), Gree Real Estate Co Ltd rosed 7.96 percent to 5.83 yuan and Top Choice Medical Investment Co Inc added 6.61 percent to 40.99 yuan.