Shanghai Daily news

Shanghai shares dived yesterday after the nation's statistics bureau said China's industrial production grew faster than expected last month, fuelling concern the government will tighten investment controls.
"The country's economy may fail to cool off if the current expansion pace keeps up," said Liu Yu, a trader with Orient Securities Co. "Further austerity measures such as an interest hike are likely to be put in place."
The shanghai Composite Index, which groups yuan-denominated A shares and foreign-currency B shares, lost 1.89 percent to 1,072.84. The A-share Index fell 1.89 percent to 1,126.34, while the B-share Index shed 1.98 percent to 66.20
China's industrial output last month jumped 16.6 percent on a yearly basis to 570 billion yuan (US$69 billion), a rise of 16 percent from April, the National Statistics Bureau said yesterday.
The nation's production of steel products surged 36 percent in May, exceeding a 14 percent jump in electricity output, the bureau said. Coal output rose 12 percent, more than double April's 5.4 percent gain, while that for crude oil added 5.4 percent.
China petroleum & Chemical Corp, Asia's biggest oil refiner, slumped 1.90 percent to 3.62 yuan while China Yangtze Power Co, operator of the world's biggest hydropower project, eased 0.88 percent to 7.84 yuan.
Huadian power International Corp, the country's third-largest publicly traded power producer, shed 2.57 percent to 3.03 yuan.