Xi’s Pledge Boosts Hopes Among Jaded China Stock Traders
- Benchmark CSI 300 Index rallies 2.9%, most since March 16
- Signs Covid outbreaks are stabilizing aid positive sentiment
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Chinese stocks rebounded from a two-year low after President Xi Jinping made a bold commitment to boost infrastructure construction in a bid to revive the economy.
A late surge saw the CSI 300 Index end Wednesday’s session with a 2.9% gain, its biggest since March 16, as Xi said all-out efforts must be made to spur infrastructure spending. Signs that authorities are starting to bring the twin Covid-19 outbreaks in Shanghai and Beijing under control also stoked optimism.