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Chinese Stocks Surge as Government Targets 5% Growth and Expands AI Investment

Hong Kong and mainland markets rally on optimism from China's economic stimulus plans and advancements in artificial intelligence technology.

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Overview

  • The Hang Seng Index closed up 3.3%, reaching its highest level since February 2022, while the Hang Seng Tech Index surged 5.4%.
  • Mainland indices also saw gains, with the CSI 300 Index rising 1.4% and the Shanghai Composite Index climbing 1.2%.
  • China's government reaffirmed its 5% economic growth target for 2025, emphasizing fiscal stimulus and looser monetary policies to counter economic challenges.
  • Tech giants like Alibaba and Tencent led the stock rally, with Alibaba jumping 7% following the announcement of its new AI reasoning model, QwQ-32B.
  • Beijing plans to issue 1.3 trillion yuan in special treasury bonds and expand local government debt issuance to support economic recovery and AI innovation.