Chinese ADRs continued to jump on Monday. Baidu up 7.5%; Direxion Daily FTSE China Bull 3X Shares up 6.5%; Alibaba up 4.9%; PDD Holdings Inc, JD.com up about 4%.

Chinese consumption, investment and industrial production exceeded estimates to start the year, pointing to signs of resilience for an economy still in need of more stimulus as Donald Trump’s tariffs threaten growth.

The upswing suggested Beijing’s pro-growth pivot since late September continued to feed momentum for the world’s second-biggest economy.

Retail sales clocked their best reading in the first two months since October, the National Bureau of Statistics said Monday, while industrial output exceeded the median estimate in a Bloomberg survey of analysts. Growth in fixed-asset investment marked the fastest since the gain in the first four months of 2024.

As authorities increasingly turn the attention on generating more consumption — their top priority this year — the goal is to shift from what one official called China’s previous “supply-focused” approach to one driven by both supply and demand.

Speaking at a press conference in Beijing on Monday to present a plan to rekindle domestic demand, a deputy head of China’s top economic planning agency said the latest effort will also rely on measures that promote households’ income and boost their spending power.

A central banker who appeared on the same panel said the People’s Bank of China is also studying the possibility of aiding the consumer by offering financial assistance and creating new policy tools to increase low-cost support.

China could also further expand its trade-in program after first reviewing the effectiveness of existing measures, according to Li Chunlin, vice chairman at the National Development and Reform Commission. Household confidence and demand remain weak in a consumption environment that needs to be improved, Li said at the Monday briefing in Beijing about the action plan.