You will either need to replace the stem with one that has more "rise": https://www.google.com/search?biw=1440&bih=760&ei=i7kxW6D8Fq6J5wKPkYGYAg&q=riser+stem&oq=riser+stem&gs_l=psy-ab.3..0i20i263k1l2j0l4j0i22i30k1l4.1525.3516.0.3878.10.10.0.0.0.0.196.1180.0j7.7.0....0...1c.1.64.psy-ab..3.7.1177...0i131k1j35i39k1j0i67k1j0i20i264k1j0i131i67k1j0i20i263i264k1.0._XQ2OWB326g riser stem Google Search
OR install a "stem riser": Stem riser Google Search
I’m happy to help further over the phone at https://www.6ya.com/expert/donald_f2ed37026a3ac881
SOURCE: can I raise up the handle bars on my 26" Ladies'
No, but a bike shop can assist you in selecting and fitting a stem with a higher rise.
SOURCE: I have a ccm freestyle
You COULD have just typed a simplified version of that question into a search engine for instant answers. "raise the handlebars on a bicycle"
http://www.sheldonbrown.com/handsup.html
A major limitation is the steerer tube length. No matter how many times you cut a steerer tube it won't get longer.
Getting Riser Bars or simply flipping the stem over or getting one with a different rise and reach might give you the added height you need. If you LIKE the handlebars, the stem is the best and least-invasive option as most new ones come with front loaders (detachable front caps) that allow replacement without stripping components off one side of the handlebar. In minutes a Bicycle Shop could swap any number of them onto your bike for you to try.
A reputable Bicycle Shop would have fit the bike to you before you took it home.
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