Asia-Pacific markets surged on Thursday, led by significant gains in Hong Kong’s Hang Seng Index and mainland Chinese stocks. The sharp rise came after China’s state media announced that top government leaders, including President Xi Jinping, held a meeting to reinforce their commitment to supporting the country's economy.
During the meeting of the Politburo, China's second-highest decision-making body, leaders emphasised the need to bolster fiscal and monetary policies. They also highlighted the importance of stopping the decline in the real estate market and promoting its “stable recovery,” according to a translation of the official statement.
Earlier in the week, the People’s Bank of China announced several interest rate cuts and extended existing real estate market support by two more years. This news triggered a strong rally in Chinese property stocks, with the Hang Seng Property Development and Management Index surging 14percent, led by companies such as Longfor and Vanke.
Hong Kong’s Hang Seng Index advanced by 4.12 percent, reaching its highest level since May, while mainland China’s CSI 300 continued its winning streak, closing up 4.23 percent at 3,545.32, its highest level in four months. This marks the seventh consecutive day of gains for Chinese markets, reflecting growing investor optimism following the government’s latest economic measures.
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