Chinese stocks gained, with technology firms driving the advance after Beijing vowed more support and set an ambitious economic growth target at the nation’s most important annual political meeting.

The Hong Kong stocks closed higher. The Hang Seng Index (HSI) rose 2.8%, the Hang Seng Tech Index (HSTECH) climbed 4%.

Laopu Gold up 12%; Xiaomi, SMIC, POP MART rose 7%; Meituan rose 6%; XPeng up 4%; Tencent, BYD rose 3%; Alibaba rose 1.6%.

CK Hutchison soared 22% after agreeing to sell assets worth US$23 billion including ports near the Panama Canal to a consortium.

The strong showing came as Chinese leaders kicked off the NPC by maintaining its growth goal of about 5%, a target seen harder to achieve this year given rising trade tensions with the US and unabated geopolitical uncertainties. Nevertheless, Beijing’s resolve to aim high has raised investors’ hope for more stimulus to come, adding to optimism induced by a fresh pledge to bolster technologies from artificial intelligence to quantum computing.

“There’s nothing to nitpick. Just a robust growth target, and a clear intention to support the economy,” said Vey-Sern Ling, managing director at Union Bancaire Privee. “This should be reassuring to markets.”

In his opening address to the National People’s Congress, Chinese Premier Li Qiang said the nation will advance development of strategic emerging industries and carry out initiatives on the large-scale application of new technologies. “We will establish a mechanism to increase funding for industries of the future and foster industries such as biomanufacturing, quantum technology, embodied AI, and 6G technology,” Li said.

“The NPC report showed better-than-expected government support for the China technology sector while general economic targets are in line with expectations,” said Gary Tan, a portfolio manager at Allspring Global Investments. “This helped the HK markets which have higher exposure to technology names than onshore markets.”

Chinese stocks have come under pressure in recent weeks after rising trade frictions dented a rally driven by enthusiasm about the country’s artificial intelligence breakthroughs.

Earlier this year, Chinese AI startup DeepSeek unveiled technologies that reshaped the industry’s global landscape and caused a rout in the shares of its major Western rivals.