Hong Kong Shares Jump as China Unveils 2025 GDP Growth Target
Hong Kong's equities surged 268 points or 1.2% to 23,205 in early trading on Wednesday, rebounding from a modest fall in the previous session. Traders reacted positively to a copy of China's work report, which set a 2025 GDP growth target of around 5% and outlined stimulus measures for the economy, amid rising trade spat with the US.
On the inflation front, the document shows Beijing lowered its annual goal to around 2% for the first time in over two decades. Traders cheered private survey data indicating an unexpected rebound in services activity from January's four-month low, on rises in new orders and foreign sales, along with stabilization in employment.
A rally in US futures further contributed to the bullish mood, following overnight slumps in Wall Street's S&P 500 and Dow Jones. All sectors gained, led by consumers, tech, and property. CK Hutchison Hlds. surged the most (22.9%), followed by Pop Mart Intl. (5.7%), Chow Tai Fook Jewelery (7.7%), and Zhejiang Leapmotor Tech (4.3%).
Source: Trading Economics
