Shares rise after central government vow to deepen structural reform and improve economic quality

Shanghai stocks rose today after investors were cheered by the central government's pledge it would deepen structural reform and improve economic quality in the coming year.

The Shanghai Composite Index edged up 0.38 percent to close at 3,300.06 points.

Investor turned optimistic after the central government vowed that the Chinese economy will focus on high-quality development and the government will continue to deepen the supply-side structural reform in 2018.

The central government said that measures to eliminate ineffective supply, foster new growth drivers and reduce costs in the real economy will continue.

Shares of real estate developers rose after the government said it will ensure stable and healthy development of the sector and encourage both housing purchases and rentals.

Poly Real Estate Group Co Ltd jumped 7.78 percent to 13.03 yuan (US$1.97), Fiberhome Telecommunication Technologies Co Ltd climbed 3.34 percent to 31.55 yuan and Beijing Dalong Weiye Real Estate Development Co Ltd added 2.39 percent to 3.86 yuan.