Shares of Trip.com Group Limited (TCOM) surged 5% in pre-market trading on Wednesday, as the Chinese travel services company got swept up in a broad rally for Chinese stocks and American Depositary Receipts (ADRs) following Beijing's announcement of pro-growth policies.
At the annual National People's Congress meeting, Chinese Premier Li Qiang set an ambitious economic growth target of around 5% for 2025 and unveiled a series of measures to stimulate domestic consumption and support the tech industry. These policy announcements fueled optimism among investors, driving up Chinese stocks and ADRs listed in the United States.
The market reacted positively to China's plans, which included increasing fiscal spending, boosting infrastructure investment, and expanding a consumer subsidy program to revive sluggish spending. Additionally, policymakers pledged support for the application of large-scale AI models, signaling a favorable stance toward the tech sector.
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