BEIJING- Share prices across global markets advanced towards five-year highs on Tuesday, as China's made efforts to avoid a hard landing for its slowing economy, Reuters reports.
Local media in China reported that the government was looking to increase investment in railway projects to reduce gluts in steel, cement and other materials, as it aims to ensure annual economic growth does not sink below 7%.
"Managing to keep growth above 7% will certainly be viewed as a positive stance," IG Markets analyst Alastair McCaig told Reuters. "But they really have only five months to prove their words are worth their weight."
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Newfound confidence in the Chinese economy's ability to rebound, and bring the rest of the world with it, also helped push shares higher in Europe through midday trading, mirroring record gains on Wall Street on Monday.
Read the full story in REUTERS