Chinese stocks and exchange-traded funds (ETFs) tracking the performance of Chinese equities surged in pre-market trading on Thursday, following the Chinese government's announcement of a series of stimulus measures aimed at reviving the nation's slowing economy.
In a rare move, President Xi Jinping led a special meeting of China's top leadership to discuss the economic situation. The 24-member Politburo vowed to complete the country's annual economic goals and pledged to ensure sufficient fiscal spending and stabilize the real estate market.
The government also called for the forceful implementation of recent interest rate cuts and bank reserve ratio reductions announced by the People's Bank of China earlier this week. These stimulus efforts marked China's most daring policy package in decades, aimed at boosting growth and reviving investor confidence.
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