Chinese equities rose to the highest level in a month as industrial output and retail sales data exceeded economists’ forecasts, adding to signs the recovery in the world’s second-largest economy is accelerating.
The Bloomberg China-US Equity Index (CH55BN) of the most-traded Chinese shares in the U.S. climbed 0.5 percent to 94.44 yesterday, the highest level since Nov. 6. AutoNavi Holdings Ltd. (AMAP) rebounded from an 11-month low while Youku Tudou Inc. gained the most since September. E-House China Holdings Ltd. (EJ) surged 30 percent after the real estate company said executives will buy new shares at a premium. China Eastern Airlines Corp. jumped after agreeing to share codes with Kenya Airways Ltd.
China’s factory production climbed 10.1 percent in November while retail sales growth accelerated to 14.9 percent, the National Bureau of Statistics said Dec. 9. Both figures beat analysts’ median estimates compiled by Bloomberg. Speaking at a Dec. 9 seminar in Guangzhou, China’s Communist Party chief Xi Jinping said the nation shouldn’t delay economic restructuring, the official Xinhua News Agency reported. Chinese stocks on domestic exchanges are poised for a third year of declines.