Stock Markets Surge in China and Hong Kong as Beijing Pledges New Policy Measures

Stock markets in China and Hong Kong saw significant gains, driven by the property sector, after Beijing announced additional policy measures to spur growth. The rally followed a notable Politburo meeting and reports of potential capital injections into major state banks to bolster the struggling economy.

Stock markets in China and Hong Kong surged on Thursday, fueled by gains in the struggling property sector, as Beijing announced additional policy measures to stimulate growth. This rally comes just days after significant rate cuts and fresh funding injections were revealed.

Chinese H-shares listed in Hong Kong jumped 3.47% by 0549 GMT, while the Hang Seng Index climbed 3.04%. Mainland markets headed for a seventh consecutive winning session following a Politburo meeting that discussed stepping up fiscal and monetary policies to meet economic goals.

Following a Bloomberg News report that Beijing might inject up to 1 trillion yuan ($142.48 billion) into state banks to support the economy, the Shanghai Composite index gained 2.27%, and the blue-chip CSI300 Index rose 2.68%. Analysts noted a potential shift among bearish investors, possibly leading to stronger market positions.

(With inputs from agencies.)