On December 3, 2024, the Hong Kong stock market closed higher. The Hang Seng Index (HSI) rose by 1.00%, the Hang Seng Tech Index (HSTECH) edged up by 0.27%.

In terms of industry sectors, the pharmaceutical outsourcing concept stocks saw significant gains, with WUXI BIO rising by 7.87% and WUXI APPTEC increasing by 6.32%.

CNOOC rose 2%, Xiaomi rose 1.9%, Tencent rose 1.2%, Nio rose 1%, Alibaba rose 0.5%.

China’s top leaders plan to start the annual closed-door Central Economic Work Conference next Wednesday to map out economic targets and stimulus plans for 2025, according to people familiar with the matter.

The high-profile conclave — scrutinized by investors for how officials steering the world’s No. 2 economy plan to direct monetary, fiscal and industrial policies — will last for two days, the people added. The meeting is normally attended by the nation’s top leadership including President Xi Jinping as well as senior financial regulators, and was held on the same dates last year.

The ruling Communist Party likely won’t announce when the meeting begins, with the public learning it’s taken place when the readout is published. While any specific numbers settled on won’t be revealed until the yearly parliament session in March, market participants will scour the statement for clues of policymakers’ conclusions.

The State Council Information Office didn’t immediately reply to a faxed request for comment.

Expectations are high for top leaders to discuss keeping next year’s growth goal in line with the 2024 target of around 5%, despite Donald Trump’s return to the White House heralding a tariff war that could decimate bilateral trade.

Policymakers will also likely set a higher-than-usual deficit target of 3.5% to 4% of gross domestic product, according to economists at UBS Group AG and Barclays Plc. That would open the door to more central government borrowing to shore up the faltering economy.

Authorities have announced a slew of supportive measures since late September, including rate cuts and a $1.4 trillion program to salvage indebted local governments. While that’s put China back on track to hit this year’s growth goal, officials will likely try to preserve policy room to respond to the incoming US president who has made two fresh tariff threats against China in the past week alone.

Investors who remember last year’s work conference might temper their expectations. The performance of the onshore benchmark CSI 300 Index tends to worsen a week after the release of the conference’s readout compared to the prior seven days, data covering the period from 2013 compiled by Bloomberg showed.

If the party sticks to precedent, the work conference will follow a monthly meeting of the decision-making Politburo, which devotes its December huddle to the economy.

That 24-man body took the rare step of skipping a readout of its meeting last month, suggesting the group didn’t convene and putting more emphasis on the two huddles taking place in the next ten days.