Economic stimulus moves triggered a broad rally in trading in Shanghai and Shenzhen.
CSI 300 Index
Source: FactSet
By The New York Times
阅读简体中文版閱讀繁體中文版
An abrupt move by China’s leaders to prime the economy with stimulus has produced a powerful rally in the country’s stocks, which have posted their biggest single-week gain in nearly 16 years.
On Friday, the CSI 300 index of big Chinese companies traded in Shanghai or Shenzhen rose 4.5 percent and was up 15.7 percent this week.
The gain was the largest in a single week for the index since November 2008, when share prices were gyrating violently with the onset of the global financial crisis.
The volatile Hang Seng Index in Hong Kong, which includes a range of companies with activities in Hong Kong and in mainland China, was also up sharply this week.
The increases pulled the mainland Chinese CSI 300 index into positive territory for the year and sent Hong Kong stocks rocketing more than 20 percent higher in 2024. Those are big turnarounds for markets that have been lagging those in other parts of Asia and the United States for well over a year.
Sharp gains in China could shore up public confidence, at least temporarily, as the Chinese economy faces broadly falling prices, weak retail sales and a housing meltdown. The government has been trying to rebuild confidence to persuade consumers and home buyers to start spending money.
