Chinese ADRs jumped in morning trading on Wednesday after Beijing set an ambitious economic growth target and vowed more support for domestic consumption and the tech industry as a trade war with the United States heats up.

YINN rose 11%; XPeng, Alibaba, and iQiyi rose 7%; Tencent Music and JD.com rose 6%; PDD Holdings and Trip.com rose 5%; NIO, Li Auto, and Baidu rose 4%.

China's top policymakers announced 2025 growth target of roughly 5%, record 4% deficit-to-GDP ratio and inflation target of 2% as expected, as its rubber-stamp parliament, the National People's Congress (NPC), began its annual meeting on the day.

The government said it will support the application of large-scale AI models, mentioning AI models for the first time in a government work report, after the global fanfare over Chinese AI startup DeepSeek.

Policymakers promised a "special action plan" to stimulate consumption and set aside 300 billion yuan ($41.27 billion) to support a recently-expanded consumer subsidy to revive sluggish spending at home as exports came under mounting pressure from U.S. tariffs.

The policies were largely in line with expectation and the market reaction is quite positive, said Jason Chan, senior investment strategist at Bank of East Asia.

The tech-focused policy tone set at the NPC gathering could offer renewed support to China's rally.

Chinese H-shares have surged as much as 31% from January's trough to a three-year high as DeepSeek's launch of a low-cost AI model set off a re-rating in the beaten-down market and triggered fund rotations.

However, the run-up has started to show signs of fatigue owing to patchy economic data and an escalating Sino-U.S. tit-for-tat trade war, prompting investors to book profits as risk appetite soured.

The U.S. doubled duties on Chinese goods to 20% on Tuesday and Beijing quickly responded with levies of its own.

Investors anticipating more measures to support capital markets were disappointed.