“China’s stocks rose, driving the benchmark index to a one-week high, after International Monetary Fund official Zhu Min said China will avoid an economic hard- landing as investment remains strong.
Kingdream Public Ltd. (000825), whose businesses include gas distribution, jumped 10 percent after the government said it will boost development of the shale gas industry. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. advanced 4.3 percent, pacing a rally for producers of rare earth. China Vanke Co. (000002) and Poly Real Estate Group Co. led property developers to the biggest decline among industry groups in the Shanghai Composite Index after home prices posted the worst performance in a year.
“The government has the tools to offset a decline in economic growth such as monetary policy or measures targeting specific industries,” said Wu Kan, a Shanghai-based fund manager at Dazhong Insurance Co., which oversees $285 million. “The property market is still the biggest risk the economy is facing now.”
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The IMF: there’s a body with a sterling track record of realistic prediction making.
Remind me how Greece was not going to default.