SOURCE: City Index Singapore

City Index Singapore

December 20, 2012 20:00 ET

SSE Composite Closes Higher as China Maintains Steady Policies in 2013 -- City Index Asia

SINGAPORE--(Marketwire - Dec 20, 2012) - The primary Chinese benchmark, the Shanghai SSE Composite index, closed on a flat footing this morning (December 19th) after the World Bank raised its growth forecast for the world's second-largest economy.

According to the organisation, stimulus measures and the approval of infrastructure projects in the country will help drive growth, averting the slowdown so many had feared.

Chinese policymakers have approved two interest rates since June and have signed off on infrastructure projects worth in excesses of $150 billion (£94 billion).

The international financial institution added that the improvement in factory sector output and investment indicates the economy is "bottoming out."

Indeed, the World Bank now anticipates China to grow by 8.4 per cent next year, which is an upward revision from its earlier estimate of 8.1 per cent.

At close of play this morning, the Shanghai Composite index was flat, ending the day on 2162.2 points.

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