The Hong Kong stocks rose. The Hang Seng Index rose 0.14%, the Hang Seng Technology Index rose 0.11%.

EV stocks rose. Nio rose 4.4%, XPeng rose 3.7%, and Li Auto rose 1%.

Chipmaker SMCI rallied 2.7% on optimism about rising demand for domestic products after China’s state-backed industry associations called for the shunning of US chips.

MINISO Group rose 6.2%.

China’s services activity expanded less than a month earlier, a private survey showed, a sign that consumer demand remains sluggish despite Beijing’s recent stimulus push.

The Caixin China services purchasing managers’ index fell to 51.5 in November, versus 52.0 the previous month, according to a statement released by Caixin and S&P Global on Wednesday. The median forecast of economists surveyed by Bloomberg was 52.4. Any reading above 50 suggests expansion.

Despite the slowdown from the previous month, Wang Zhe, senior economist at Caixin Insight Group, said in a statement, that “service providers generally expressed confidence in market improvement amid policy support.” However, “some were concerned about the future trade environment.”

Authorities have announced a slew of supportive measures since late September, including rate cuts and a $1.4 trillion program to help indebted local governments, leading tentative signs of recovery since October. Expectations are high that top Chinese leaders will use the annual closed-door Central Economic Work Conference next week to discuss keeping the 2025 growth goal in line with this year’s 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, economists at UBS Group AG and Barclays Plc said earlier. That would open the door to more central government borrowing to shore up the economy.