iQiyi Inc., a leading Chinese online entertainment company, saw its stock surge 5.14% in pre-market trading on Wednesday. This rally came after China set an ambitious economic growth target of around 5% for 2025 and announced measures to support domestic consumption and the technology industry.
China's Premier Li Qiang outlined the government's plans to boost fiscal stimulus through increased issuance of special bonds, amounting to 1.3 trillion yuan ($179 billion). A significant portion of these funds will be allocated to finance infrastructure projects and subsidize consumer purchases, aiming to revive sluggish spending amid the ongoing trade tensions with the United States.
Notably, the government work report mentioned support for the application of large-scale AI models, signaling a favorable stance towards the technology sector. This move comes in the wake of the global attention garnered by Chinese AI startup DeepSeek's launch of a low-cost AI model.
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