SSE Composite closes higher as China maintains steady policies in 2013

<p>The Shanghai SSE Composite has closed higher as China vows to maintain steady economic policies in 2013.</p>

The SSE Composite index in Shanghai made gains before closing today (December 17th), as the nation's decision-makers vow to maintain steady economic policies in 2013.

This approach will leave room for manoeuvre when facing global challenges, while the government also wants to deepen reforms to support long-term growth, the Xinhau news agency reports.

Experts say new Communist Party leader Xi Jinping ought to take assertive steps in enacting economic reforms that concentrate on consumption over investment and overseas trade, loosening the dominance of state businesses.

China's leaders have already pledged to ensure stable economic growth in 2013, supporting appropriate growth in bank loans and social financing.

The news organisation stated: "China will continue to implement the proactive fiscal policy and prudent monetary policy in 2013."

At close of play in Shanghai this morning, the SSE Composite rose by 0.4 per cent – or 9.7 points – to an index value of 2160.3 points.

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