Chinese Markets Surge to Record High

Investors fight off anxiety over US subprime woes
By Heather McPherson,  Newser User
Posted Aug 3, 2007 12:15 PM CDT
Chinese investors gather near computers displaying stock information at an exchange in Liaoyuan, northeastern China's Jiliin province, Thursday Aug. 2, 2007. China's surging shares rebounded Thursday...   (Associated Press)
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(Newser) – China’s securities markets recovered from Wednesday’s Pan-Asian slump and then some, surging to their third new record this week in today's trading. The Shanghai Composite Index climbed 3.5% and the Shenzhen gained 2.3% after the codependent Nikkei and Hang Seng tumbled Wednesday on concerns about the stability of the subprime-backed US Market.

China's economy expanded by 11.9% last quarter, its fastest pace since 1995, spurring investment in its usually volatile stock market, especially in property development and financial services. The property-heavy Shanghai is up 60% this year already.