Alibaba, JD.com, Baidu, others rise as PBOC studies new economic support policies
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A day after they were thrashed on concerns over President Xi Jinping's third term as leader, many of China's largest tech stocks, including Alibaba (NYSE:BABA), JD.com (NASDAQ:JD) and others, rose after the People's Bank of China said it would study new policies to support the weakening economy.
Without making firm commitments, the People's Bank of China said it would safeguard the development of its domestic stock, bond and housing markets, while also looking at new policy measures to help sectors that have been hit by COVID-19.
China is currently dealing with lockdowns in several cities as the country's Zero-COVID policy continues to dampen economic activity and restrict movement. 
In addition, the People's Bank of China said on Tuesday that consumer prices were essentially "stable" and that it would look to maintain a reasonable growth of money supply and credit, while also working to reform the foreign exchange market and keep the yuan exchange rate largely stable. 
Alibaba (BABA) gained more than 2% in premarket trading to $64.59, while JD.com (JD) rose nearly 3% to $37.70. Baidu (NASDAQ:BIDU), Bilibili (BILI), Pinduoduo (PDD), Weibo (WB) and NetEase (NTES) were also firmly in the green on Tuesday morning.
The KraneShares CSI China Internet ETF (KWEB) also climbed more than 2% in premarket trading.
Chinese tech stocks plunged on Monday as traders worried over risks to the companies that Chinese President Xi Jinping's grip on power will lead to more restrictions on them.
Earlier this month, Chinese tech stocks, including Alibaba (BABA) and JD.com (JD), slumped in the wake of new U.S. regulations regarding the sale of semiconductor technology to China.