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By Li Zengxin (vshangxuetang.com)
Updated: 2007-08-09 12:03

Chinese stocks shrugged off tightening warnings by the central bank this morning, with the Shanghai Composite Index rising 1.33 percent to 4,725.18.

The majority of Chinese stocks resumed strong growth pending the July consumer price index (CPI), which is estimated to reach a record 5 percent growth rate by a few investment banks, including Goldman Sachs, Credit Suisse and Shenyin Wanguo Securities. Yesterday's sluggish performance was pushed up by a single heavyweight blue chip.

The benchmark Shanghai Composite Index opened lower from 4,658.59 but surged in waves to a high of 4,726.44, leaving the opening point as its lowest level this morning. After touching the high point, it quickly retreated before climbing again to finish 62.02 points higher than yesterday's close at the noon break.

The Shenzhen Component Index, tracking the smaller Shenzhen Stock Exchange, mapped out a similar pattern. It opened higher from 16,194.04 and closed at 16,373.97, 180.25 points or 1.11 percent higher than the previous closing. The index went through the morning session between its opening point up to 16,450.22.

Of the A shares listed on the two exchanges, as many as 844 went up this morning, while 462 closed down and 156 ended unchanged. Stocks in the paper making, metal, retail and wholesale businesses were on top of the surge.

The Industrial and Commercial Bank of China, the largest trader in Shanghai, failed to copy yesterday's index-lifting 9 percent rise, but added up 0.03 yuan or 0.47 percent to its share price. The largest trader in Shenzhen, China Vanke, grew 1.47 percent this morning.

The central bank admitted on Wednesday that the country is coming under increasing pressure from price hikes, and acknowledged inflation risks are "worthy of attention".

The People's Bank of China said in its second-quarter monetary report published on Wednesday that the current rising prices were not solely caused by accidental and temporary factors, adding that inflation risks were on the rise. It warned that the rising food prices could spread to other consumer products.

A survey by the central bank in the second quarter showed that 40.2 percent of those interviewed, the second highest recorded since 1999, said they were worried about inflation.

China's CPI rose 3.2 percent in the first half of this year, and the growth rate was 1.9 percentage points higher than the year-earlier level. The June CPI growth reached 4.4 percent, the highest in 33 months.