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Chinese stocks continue rising on upbeat economic data

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BEIJING, Sept. 10 (Xinhua) -- After this year's widest daily gains on Monday, Chinese stock market continued to rise on Tuesday as a string of newly released data -- such as industrial output, fixed-asset investment and retail sales -- showed further signs of economic improvement.

The benchmark Shanghai Composite Index rose 1.15 percent to finish at 2,237.98. The Shenzhen Component Index climbed 1.55 percent to finish at 8,636.63. Combined turnover on the two bourses expanded to 328.88 billion yuan (53.05 billion U.S. dollars) from 315.05 billion yuan the previous trading day.

The National Bureau of Statistics said on Tuesday that China's industrial production gained traction in August with its value-added output expanding at its fastest pace in 17 months.

The country's urban fixed-asset investment grew 20.3 percent year on year in the first eight months of 2013, up 0.2 percentage points from the figure for the first seven months, the bureau said.

Retail sales, a key indicator measuring consumer spending, rose 13.4 percent year on year in August, representing the indicator's fastest pace of increase registered this year and indicating an improvement in the country's domestic demand, according to the bureau.

Tuesday's data followed the release of other key economic data including the major inflation gauge consumer price index (CPI), producer price index (PPI) and foreign trade, which also pointed to a strengthening economy.

The transportation sector led the rises, with several shares surging by the daily limit of 10 percent.

China Merchants Energy Shipping Co., Ltd., Guangshen Railway Company Limited and China Eastern Airlines Corporation Limited all rose by 10 percent.

Although the government has not yet given out details or set out a timeline for the newly established pilot free trade zone (FTZ) in Shanghai, the move has caused quite a stir in the country's bourses.

Shanghai Pudong Development Bank Co., Ltd gained 8.26 percent to 11.4 yuan.

Other major sectors, including the land circulation related sector, the engineering machinery sector and the securities sector all recorded strong performances on Tuesday.

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