Shares of Vipshop Holdings Limited (VIPS) surged 5.01% in pre-market trading on Wednesday, outperforming the broader market. The rally came after China set an ambitious economic growth target of around 5% for 2025, sparking a rally in Chinese stocks listed on U.S. exchanges.

Beijing's growth plan was accompanied by the highest fiscal deficit target in over three decades and a pledge to raise local government bond issuance to record levels. Premier Li Qiang outlined the blueprint for China's economy to the National People's Congress, vowing to focus policies on boosting domestic consumption and supporting the tech industry.

The forceful growth target raised expectations that officials will unleash more stimulus measures later this year as the nation confronts an escalating trade war with the United States. Investors cheered the pro-growth stance, bidding up shares of Chinese companies like Vipshop that could benefit from increased government support and stronger consumer spending.