(Xinhua) Shares Alibaba rose by 27%, while the Hang Seng Index added 13% on Wednesday as China said it will support its financial markets and introduce policies that benefit the economy.
Vice Premier Liu He, who heads the overall economic policy, said that state departments should introduce policies that benefit markets, with the officials agreeing on further support in the first quarter.
Chinese officials said that any policy that significantly affects the capital markets should be worked together with all concerned departments to instill stability and prevent the market panic that has recently triggered equity sell-offs.
The officials said that they support foreign listings, adding that they are working to come up with a detailed cooperation plan with Washington for Chinese stocks listed in US markets.
Further deliberations indicated that Chinese regulators are drumming up efforts to “rectify” internet platforms, with an intention to complete the process soon.
The market regulators also called for the introduction of a plan to avert risks that have gripped the property sector and policies to transport the industry to a new development model.
9988: HKG is up +27.30%, 0700: HKG is up +23.15%, 9618: HKG is up +35.64%, 3333: HKG is up +11.21%
