Chinese equities jump 5% on the back of Beijing's 'full confidence' in hitting growth targets

No details on further fiscal support

Chinese equities opened trading with a strong bounce after Beijing’s top economic planner outlined the authorities' total confidence the country would hit its growth targets for the year, although they gave no details of further fiscal support.

The head of China's National Development and Reform Commission (NDRC) Zheng Shanjie told reporters in Beijing "we are fully confident in achieving the goals of economic and societal development for the year", according to reports. At the beginning of 2024, the Chinese government set an economic growth target of 5% for the year. This was in contrast to international expectations, as China's economic growth had slowed in recent years, and was projected to decelerate to 3.3% by 2029 by the International Monetary Fund. Chinese equities surge on the back of biggest stimulus package in y...