Chinese stocks rose as Beijing vows measures to boost weak economy
Tourists at the Bund on July 11, 2023 in Shanghai, China. Vcg | Visual China Group | Getty Images
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China's top leaders met Monday for the much-anticipated Politburo meeting and hinted at moves to "adjust and optimize" property policy in what the leadership called a "torturous" economic recovery. State news agency Xinhua quoted the 24-member Politburo as saying "the economy is facing new difficulties and challenges." That's mainly due to weak domestic demand, operational challenges for companies as well as "a grim and complex external environment," it said. "The meeting emphasized that it is necessary to actively expand domestic demand, give full play to the basic role of consumption in driving economic growth, expand consumption by increasing residents' income," according to Xinhua. "It is necessary to boost the consumption of automobiles, electronic products, and home furnishing, and promote the consumption of services such as sports, leisure, and cultural tourism," said the report. Hong Kong-listed shares of internet giants rose on Tuesday. Alibaba shares soared 4.7%, while Tencent was up nearly 4%. Meituan and Baidu shares were higher by 5.7% and 6.8% respectively. In the electric vehicle space, Xpeng soared 11%, Li Auto was up 4.15% and BYD rose 2%.
Source: CNBC
