Economics
China’s Stocks Rise to One-Month High on New Year Sales Optimism
This article is for subscribers only.
China’s stocks rose to the highest level in a month after the government extended subsidies for automakers and analysts said consumer spending during the lunar New Year holidays will support economic growth.
BYD Co., the automaker backed by Warren Buffett’s Berkshire Hathaway Inc., soared 10 percent in Shenzhen after the government said it will continue incentives on electric vehicles beyond 2015 to help lower emissions. FAW Car Co. surged the most since August after January vehicle sales jumped 50 percent. Qingdao Haier Co. and Gree Electric Appliances Inc. climbed at least 2.8 percent. Jiangxi Copper Co. and China Shipbuilding Industry Co. led gains for material and industrial stocks.