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China stocks end higher on upbeat data

Mon 28th December, 2020 7:42am
SHANGHAI, Dec 28 (Reuters) - China stocks closed higher on
Monday, helped by strong industrial profit data that underscored
a continued recovery in the world's second-largest economy. 
    ** The blue-chip CSI300 index  .CSI300  rose 0.4% to
5,064.41, while the Shanghai Composite Index  .SSEC  was flat at
3,397.29.   
    **  Consumer firms led the gains, with the CSI300 consumer
staples index  .CSI000912  and the consumer discretionary index
 .CSI000911  rising 2.9% and 1.8%, respectively. 
    ** Profits at China's industrial firms grew robustly in
November for a seventh month of gains, supported by strong
industrial production and sales, as manufacturers continue their
recovery from the COVID-19 downturn.  urn:newsml:reuters.com:*:nL1N2J700N    
    ** China will overtake the United States to become the
world's biggest economy in 2028, five years earlier than
previously estimated due to the contrasting recoveries of the
two countries from the pandemic, a think tank said.  urn:newsml:reuters.com:*:nL8N2J31I6
    ** China's economic recovery is better than expected, Guotai
Junan Securities said in a report. 
    ** The direction of economic recovery overseas in 2021 is
clear, while the sporadic resurgence of coronavirus cases in
China has limited impact on the momentum and pace of the
country's economic recovery, the brokerage added.  
    ** Though tech firms retreated amid regulatory concerns. The
CSI300 IT index  .CSIINT  lost 1.4%, while the STAR50 index
 .STAR50  tracking Shanghai's tech-focused STAR Board, eased
0.8%. 
    ** China's central bank disclosed on Sunday it had asked the
country's payments giant Ant Group Co Ltd to shake up its
lending and other consumer finance operations, the latest blow
to its billionaire founder and controlling shareholder Jack Ma.
 urn:newsml:reuters.com:*:nL1N2J702J  
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.12%, while Japan's Nikkei index
 .N225  closed up 0.74%.
    ** At 0728 GMT, the yuan  CNY=CFXS  was quoted at 6.5317 per
U.S. dollar, 0.15% firmer than the previous close of 6.5412. 

 (Reporting by Shanghai Newsroom; editing by Uttaresh.V)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))
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