China shares rise on Xi's vision of "new era"

File Photo (Reuters) File Photo (Reuters)

China’s blue-chip index is poised to hit a fresh two-year high on Friday, capping a week in which President Xi Jinping consolidated power at a key Party Congress, pledging to build a modern social country for a “new era”.

The three-week rising streak in blue chips has also been fuelled by signs of economic resilience in the world’s second-biggest economy, reports Reuters.

A slew of industry leaders including China Life Insurance , Aluminium Corp of China and Kweichow Moutai have posted quarterly results that trumped market expectations.

Furthermore, data on Friday showed profits for China’s industrial powerhouses surged the most in nearly six years in September.

The blue-chip CSI300 index rose 0.4 per cent, to 4,009.16 points at the lunch break, bringing its gains to 2.1 per cent so far this week.

The Shanghai Composite Index edged up 0.3 per cent, to 3,417.12 points, up 1.1 per cent so far this week.

The banking sector was also firm, up 1.9 per cent, as lenders such as Jiangsu Chanshu Rural Commercial Bank posted stellar earnings.

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