Chinese stocks rallied for their fifth successive day Monday to breach seven-year highs but growth prospects for the world’s largest economy this year are yet to pick up according to economists.
China’s key Shanghai Composite finished at its highest level since January 2008 for the second consecutive day, led by infrastructure and transport groups after the country’s state planning agency announced a list of more than 1,000 proposed projects that it is inviting private investors to help fund and build on Monday.
The country’s Ministry of Finance also said it would slash import tariffs on consumer goods including skincare product, clothes, shoes and nappies from next month which also helped stocks rise 3.4 percent to 4,813.798. According to the International Monetary Fund, last October China overtook the U.S. as the world’s largest economy with a $17.6 trillion gross domestic product.
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