Chinese shares related to consumption surged Thursday amid expectations for more concrete measures from a key economic policy meeting to boost domestic demand.
Trip.com Group and Haidilao International Holding rose more than 5% each, helping to push a gauge of Hong Kong-listed Chinese stocks up by as much as 2.3%. The onshore benchmark of CSI 300 rose 0.8% in early afternoon trade.
“The expectation of more specific policy measures to boost consumption during economic work conference, combined with previous stimulus policies, will have a positive impact on the overall market sentiment,” said Shen Meng, a director at boutique investment bank Chanson & Co.
Chinese equities delivered a late-morning spike in a sign that traders were adding back bets on more forceful measures by authorities to prop up a slowing economy.
The gains also came after a local media report that major cities including Shanghai and Beijing are launching a new round of voucher programme to encourage local consumption before the holidays.
All eyes are now on the ongoing annual Central Economic Work Conference, where more details may emerge about policymakers’ strongest pledge in years to revive growth via ramped-up monetary and fiscal easing.
