Shanghai Daily news

Shanghai shares rose for a fourth consecutive day after a news report said the first batch of the nation's corporate pensions may flow into the markets within two months, fuelling optimism of a new influx of funds.
The Shanghai Composite Index, which covers yuan-denominated A shares and foreign-currency B shares, rose 1.08 percent to 1,165.03. The A-share Index added 1.12 percent to 1,224.57 while the B-share Index slid 2.18 percent to 64.81.
"It's important to have a first step," said Li Zhi, a Hualin Securities Co analyst. "More funds are expected to follow suit if the government delivers on its promise to bring in more capital."
Taiping Pension Co, the first among China's 37 newly picked managers to operate corporate pensions, may start investing in stocks this quarter, Oriental Morning Post reported, citing General Manager Wang Lianwan.
The funds, valued at about 20 million yuan (US$2.5 million), were entrusted to Taiping by 60 enterprises directly owned by the government of northeastern Liaoning Province.
China in November allowed corporate pension funds, worth nearly 50 billion yuan, to buy securities on the Shanghai and Shenzhen bourses. But no investment has yet been made.
The maximum ratio of the funds that can be used to buy stocks is 20 percent. As a supplement to the basic pension and commercial insurance, corporate pension is provided voluntarily by enterprises for its employees.