Chinese ADRs jumped in morning trading. iQiyi rose 10%; PDD Holdings rose 7%; Li Auto rose 6%; XPeng rose 5%; Bilibili and NIO rose 4%; JD.com rose 3%.

The China National Development and Reform Commission (NDRC) stated that nearly half of the incremental policies have been introduced and implemented. Moving forward, a new batch of additional policies will continue to be rolled out and implemented.

The Chinese Academy of Social Sciences' Institute of Finance has proposed issuing RMB 2 trillion in special government bonds to establish a stock market stabilization fund. This fund would aim to promote market stability by buying blue-chip stocks and ETFs at low prices and selling them at higher prices, thereby helping to balance the market.