China stocks ended at fresh two-year highs on Friday, with the Shanghai index posting its fifth straight week of gains, as banks extended their rally and after the country posted its first acceleration in full-year growth in seven years.
China’s economy grew faster than expected in the fourth quarter of 2017, underpinned by an export recovery, defying concerns that intensifying curbs on industry and credit would hurt expansion. Growth for the 2017 full-year picked up to 6.9 percent, the first annual acceleration for the economy since 2010. The annual growth easily beat the government’s 2017 target of around 6.5 percent and quickened from 6.7 percent in 2016, the weakest pace in 26 years.
At the close, the Shanghai Composite index was up 14.35 points or 0.41 percent at 3,489.11.The blue-chip CSI300 index was up 0.35 percent, with its financial sector sub-index higher by 0.82 percent, the consumer staples sector down 0.99 percent, the real estate index down 0.69 percent and healthcare sub-index down 0.05 percent.
Source : Reuters