China's stock indexes have had their biggest jumps in eight weeks bolstered by the government's promise of liberalizing pension fund business in the stock market.

China Securities Journal reports that the government set criteria for brokerages to manage more of the nation's 100 billion yuan, or US$12 billion in corporate pension funds.

The Shanghai Composite Index, which tracks yuan-denominated A. shares and foreign-currency B. shares on the city's stock exchange, advanced 47 points to close at 1,354.

The Shenzhen Composite Index, which tracks the smaller of the two Chinese markets, jumped by 118 points at 3,254. Both indexes had their biggest gains since Sept. 15.

Stocks also got a boost after a government report showed industrial production rose at its slowest pace in three months in October, indicating a successful policy on macro economic control by the government.

(Xinhua News Agency November 11, 2004)