China Stocks Higher

Chinese stocks rose, paring the first weekly decline in a month in the Shanghai benchmark gauge, as property and financial companies advanced.

Poly Real Estate Group Co. rose 1 percent, leading a gauge of developers higher, after the China Securities Journal said domestic banks won’t tighten loans to property companies. Haitong Securities Co. added 2.4 percent, driving financial companies higher, while consumer shares rose the most among industry groups as Kangmei Pharmaceutical Co. rallied.

The Shanghai Composite Index climbed 0.3 percent to 3,256.51 at 9:55 a.m. local time, paring this week’s loss to 1.6 percent. Fiscal policy will remain proactive and monetary policy prudent, Premier Li Keqiang said during the meeting of the legislature this week, after the central bank cut interest rates for the second time in three months on March 1. New share offerings including Orient Securities Co. will probably lock up about 3 trillion yuan ($479 billion) next week, according to the median estimate of 12 brokerages surveyed by Bloomberg.

Bloomberg

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