March 22 (Bloomberg) -- China’s stocks rose as a report that showed manufacturing may contract this month boosted speculation the government will ease monetary policy to prevent the economy from slumping further.
China Citic Bank Corp. jumped 4.5 percent, while Poly Real Estate Group Co. led gains for property developers after the China Securities Journal and Nomura Holdings Inc. said cuts in interest rates are needed to boost credit growth. SAIC Motor Co. paced gains for consumer discretionary companies after Xinhua News Agency said sonsumption will become China’s top economic growth driver in 2012 for the first time in almost 10 years.
The Shanghai Composite Index erased losses, rising 0.1 percent to 2,379.82 as of 1:40 p.m. local time. The CSI 300 Index added 0.2 percent to 2,591.84.
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