Chinese shares rise 3.57% on major economic conference

(Xinhua)
Updated: 2008-12-08 16:13

BEIJING - Share prices on Chinese capital markets gained 3.57 percent on Monday, on prospects of more stimulus policies to buttress the economy from a three-day Central Economic Work Conference kicking off here on Monday.

This trend also echoed the rally of Wall Street on the previous trading day and significant gains of regional markets on Monday, dealers said.

The benchmark Shanghai Composite Index advanced 3.57 percent, or 72.11 points, to 2,090.77. The smaller Shenzhen index climbed 3.43 percent, or 249.48 points, to 7,528.63.

Gains outnumbered losses by 867 to 1 in Shanghai, and by 739 to 6 in Shenzhen, with 97 unchanged on the two bourses.

The conference, an annual event initiated more than a decade ago, serves as a crucial mechanism for the Communist Party of China (CPC) Central Committee and the State Council, the cabinet, to make policies to govern the world's fourth largest economy.