Caixin
Apr 29, 2022 07:37 PM
ECONOMY

China’s Politburo Ignites Market Rally With Vows on Growth

China Customs officers raise a Chinese flag at sunrise on Jan. 4 during a rehearsal for a flag-raising ceremony at the Bund in Shanghai. Photo: Bloomberg
China Customs officers raise a Chinese flag at sunrise on Jan. 4 during a rehearsal for a flag-raising ceremony at the Bund in Shanghai. Photo: Bloomberg

(Bloomberg) — China’s top leaders promised to boost stimulus and contain the country’s worst Covid outbreak since 2020, issuing a sweeping set of pledges that was light on details but enough to spark steep gains in stocks and the yuan.

Pledges by the Communist Party’s Politburo to meet growth targets and support the “healthy” development of tech platform companies fueled a more than 5% gain in the Hang Seng China Enterprises Index. Yet, a renewed commitment to “zero Covid” has raised doubts about the government’s ability to achieve its growth objectives, and disappointed some investors who say the strict virus containment policy is hobbling the world’s second-largest economy.

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