July 23, 2013 / 2:27 AM / 7 years ago

H-shares extend gains as China growth fears ebb on official comments

July 23 (Reuters) - China shares listed in Hong Kong extended gains on Tuesday, lifted by strength in railway and building material stocks after reported comments from Premier Li Keqiang were perceived as a floor to Beijing’s tolerance for slowing growth.

Beijing News reported that Premier Li Keqiang said at a State Council meeting last week that China would not permit economic growth to sink below 7 percent, the paper reported, without citing sources.

Comments from Vice Premier Zhang Gaoli also helped. He reiterated the country’s commitment to take decisive measures to support reasonable infrastructure and social welfare investment to develop the export sector, service industry and small firms.

Further buoying sentiment on the day, the official Shanghai Securities News reported that China may use investments in high-speed railways to help reduce overcapacity in steel, cement and other construction materials.

At 0210 GMT, the China Enterprises Index of the top Chinese listings in Hong Kong was up 3.2 percent, while the Hang Seng Index rose 1.8 percent.

The CSI300 of the leading Shanghai and Shenzhen A-share listings climbed 2.2 percent, while the Shanghai Composite Index gained 1.4 percent.

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