China's top financial policy body swore to ensure stability in capital markets, support overseas stock listings, resolve risks around property developers and complete the crackdown on Big Tech "as soon as possible," Bloomberg reports.
Yi Gang, governor of the People's Bank of China, added that the central bank would help implement the policies, as did the banking watchdog.
The statements reflect China's urgency to bring stability as it battled the economic slowdown, Covid-19, Russia-Ukraine crisis with just a couple of months due for its election.
On March 16, the Hang Seng China Enterprises Index was up 12.5% on its best day since October 2008, when Hong Kong trading ended.
Alibaba Group Holding Ltd (NYSE:BABA) surged 27%, while JD.com Inc (NASDAQ:JD) jumped 36%.
The Hang Seng China gauge plunged 24% from March 1 through March 15. The index has been down about 40% in the past year, even after March 16 surge, marking its worst global performance.
Chinese stocks in the U.S. plummeted 75% from their 2021 peak.
The yield on Chinese junk dollar debt has surged above 27% for the first time. The yuan has also started to look vulnerable. Selling momentum in the offshore Chinese currency on March 14 reached a record intensity.
Price Action: BABA shares traded higher by 20.1% at $92.20 in the premarket on the last check Wednesday.
