Hong Kong Shares Rebound on Xi Vows More Policy Support For China

Hong Kong shares bounced back on Thursday after Chinese President Xi Jinping promised more policy support to build a “world-class business environment” in China.

The Hang Seng Index climbed 0.91%, or 148.58 points, to finish the day’s trade at 16,541.42. The Hang Seng China Enterprises Index (HSCEI) rose 1.44%, or 82.66 points, to 5,810.79

Addressing delegates at the annual China Development Forum in Beijing, President Xi pointed out that the Chinese economy is “sound and sustainable”.

“China did not collapse as predicted by the ‘China collapse theory’, nor will it peak as forecasted by the ‘China peak theory’… China’s reform will not pause, and its opening up will not stop,” the leader of the world’s second-largest economy told the Forum, which hosted several foreign business leaders.

In corporate news, Haier Smart Home 600690 advanced some 8% after the appliance maker reported upbeat results for 2023.

China Life Insurance 6601628 climbed 5% after analysts said its 31% profit decline for 2023 was less than expected.

Xiaomi 1810 gained over 1%, ahead of the release of the price range and order placements of its first electric vehicle model.