Jan 17, 202514:32GMT+7
(MT Newswire) - Chinese stocks closed on Friday with small gains after the country released 2024 economic growth results in line with government targets.
The Shanghai Composite Index, the main gauge of Chinese stocks, gained 0.18% or by 5.79 points to 3,241.82. The Shenzhen Component Index rose 0.60% or by 60.23 points to 10,161.32.
Fourth-quarter GDP rose 5.4% year over year, up from the 4.6% expansion in the third quarter. Analysts polled by Reuters predicted a 5% growth for the quarter.
During the full year, the economy expanded 5% to 134.91 trillion yuan, in line with the government's annual target of "around 5%."
Retail sales, a measure of consumption, also grew 3.7% year over year to 4.517 trillion yuan in the fourth quarter of 2024, higher than the 3% increase in the previous quarter.
On the corporate front, shares in China Vankeplunged 4% in Shenzhen following reports of the arrest of Chief Executive Officer Zhu Jiusheng after a task force by the Shenzhen government came to oversee its operations.
The company also said it will not extend the maturity of its bonds despite fluctuations in its onshore bond prices following concerns about its ability to pay in 2025.

Sumber : MT Newswires