China stocks rise on growth hopes

Mainland China share market advanced on Tuesday, 22 July 2014, after HSBC upgraded GDP forecast and hopes the government will do more to shore up economic growth. The benchmark Shanghai Composite advanced 21 points, or 1.02%, to 2075.48. Trading turnover increased to 98.70 billion yuan from yesterday's 75.70 billion yuan.

HSBC has upgraded its forecast for China's year-on-year gross domestic product growth to 7.5% from 7.4%, saying recovery has been stronger than expected. The Chinese economy expanded 7.5% year on year and 2% quarter to quarter (seasonally adjusted) in the second quarter. In the first half of 2014, China's economy expanded 7.4% from a year earlier.

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