Chinese ADRs and ETFs jumped in premarket trading following a slew of positive headlines from the central bank, which reinforced its determination to support the market.

YINN rose 15%; Bilibili rose 8%; XPeng rose 7%; Nio, Li Auto rose 6%; PDD Holdings rose 5.8%; JD.com rose 5%; Baidu rose 4.3%; Alibaba rose 3.3%.

The People’s Bank of China kicked off a specialized re-lending facility to help companies buy back shares and a swap facility that offers institutional investors liquidity to purchase stocks. Both programs were unveiled at the central bank’s blockbuster briefing in late September.

Also adding support were comments by President Xi Jinping, who said science and technology should be at the forefront in advancing Chinese modernization.

The developments provided a welcome relief for investors, who have been clamoring for more policy support after the rally lost momentum. Fresh data released Friday showed authorities need to accelerate the stimulus implementation to reach the annual growth target, with economic expansion slowing in the third quarter.

The PBOC announcements are “definitely helping sentiment after the wrong interpretation of press conferences the past few weeks,” said Matthew Haupt, a portfolio manager at Wilson Asset Management Ltd. “The market finally may accept we will receive new information in a piecemeal fashion rather than delivered in a big announcement.”

The gains driven by the central bank measures, however, will likely be capped unless met by an equally-strong expansion in fiscal spending. Authorities have repeatedly disappointed investors with piecemeal steps after the surprise stimulus blitz unveiled by the central bank in late September.

The onshore equity benchmark slipped into a correction on Thursday after a high-profile press briefing on measures to support the property market ended with no major outlays.

Views are increasingly diverging on whether investors should chase the rally at this stage. Li Bei, founder of Shanghai Banxia Investment Management Center, wrote in a WeChat post earlier this week that now is the time for retail investors to buy stocks. That’s despite caution from the likes of Morgan Stanley Wealth Management that the stimulus measures aren’t enough to repair the struggling economy.