Chinese shares close higher on release of development target

Chinese shares closed higher on Tuesday, as key economic targets were released in a report on China's 2013 development plan submitted to the country's top legislature. 

The benchmark Shanghai Composite Index rebounded from Monday's 3.65-percent plunge by increasing 2.33 percent, or 52.carbon fabric9 points, to 2,326.31. 

The Shenzhen Component Index gained 2.Mobile crusher21 percent, or 201.6 points, to 9,341.35. 

Combined turnover on the two bourses expanded to 223.3 billion yuan (35.56 billion U.S. dollars) from 198.5 billion yuan the previous trading day. 

China will expand its economy by around 7.5 percent while holding consumer price growth to around 3.5 percent in 2013, Premier Wen Jiabao said while delivering a government work report at the opening of the first session of the 12th National People's Congress. 

The central government also projected a fiscal deficit of 1.2 trillion yuan for 2013, with increased spending to ensure and improve people's well-being and maintain support for economic growth and structural adjustments, according to the report. 

On the announcement of central budgets for various key economic sectors, most stocks on the two bourses rose on Tuesday,Chefs Kitchen Knives with 25 stocks approaching the daily increase ceiling. Those in the financial, medical device and bio-pharmaceutical sectors led the rises. 

The sub-index for the financial sector surged 4.98 percent. Shenzhen-based Ping An Bank Co., Ltd. jumped by the daily 10-percent limit to close at 23.93 yuan per share. Founder Securities Co.,Gyratory crusher a stock brokerage firm based in central China, rose to 7.52 yuan per share.Also, it is important to note that usually the kitchen gadgets is expensive in comparison to other cameras. 

Guangdong Biolight Meditech Co. in south China's Guangdong Province also soared 9.99 percent, and the medical device sector climbed 4.59 percent. 

Bucking the trend, the real estate sector continued to bear the brunt of the government's latest measures to cool the property market, with the sector's sub-index up a mere 0.85 percent.