Chinese stocks rally on hopes Beijing shows positive policy action - report
masterSergeant
Chinese stocks have been rising on Friday after early signs that authorities are acting on policy promises made at the Politburo meeting, Bloomberg News reported.
Alibaba (NYSE:BABA) and Baidu's (NASDAQ:BIDU) shares rose roughly 5% each, respectively, while online entertainment services provider Bilibili's (BILI) stock surged nearly 16%. JD.com (JD) shot up 6% on the U.S. stock exchanges on Friday. The KraneShares CSI China Internet ETF (KWEB) climbed almost 7%, while the Invesco Golden Dragon China ETF (PGJ) jumped almost 6%.
Equities in Hong Kong and on the mainland soared, capping their best week in months, following a report which suggests that regulators are ready to allow the country's big technology companies broader elbow room in backing startup investments.
Reportedly, China has asked its big tech firms, including Tencent (OTCPK:TCEHY) (OTCPK:TCTZF), to provide case studies of their most successful startup fundings in consumer, telecom and media companies. The move indicates a thaw in Beijing's relations with the tech giants following crackdowns.
In addition, reportedly, China Securities Regulatory Commission has discussed with securities firms for potential measures to strengthen shares, with a reduction in the stamp duty and a slowdown in initial public offerings to support liquidity among the steps proposed by brokers.
Investors are hoping that authorities make good on promises on the pledges to drive growth and revitalize the private sector would be followed by actions.
More on Chinese stocks

Alibaba: Wall Street Is Sleeping - Catalysts Are Already In Motion
Bilibili: Tapping Into China's AI Boom With Chinese YouTube