SHANGHAI: China and Hong Kong shares ended higher on Friday after Beijing released comments from its annual economic conference reaffirming support for growth, as expected, although both markets were set to finish the week slightly lower.
China’s blue-chip CSI300 Index closed up 0.6%, while the Shanghai Composite Index rose 0.4%. Hong Kong’s benchmark Hang Seng Index was up 1.8%.
For the week, the CSI 300 Index lost 0.1%, while the Hang Seng Index dropped 0.4%.
Chinese leaders promised on Thursday to maintain a “proactive” fiscal policy next year that would stimulate both consumption and investment to sustain high economic growth, which analysts expect Beijing to keep the target at roughly 5%.
The tone appeared modestly more pro-growth than the December Politburo meeting, with policymakers highlighting challenges, pledging to stabilise the property sector and signaling further easing on monetary, fiscal and credit fronts, Goldman Sachs said in a note.
Goldman Sachs expects the 2026 policy targets to remain unchanged, including GDP growth of around 5%, CPI at about 2%, and an on-budget fiscal deficit equal to 4% of GDP.
Shares of Moore Threads Technology more than 10% after the Chinese GPU chip designer warned investors of trading risks following a recent rally. Even so, the onshore artificial-intelligence sub-index gained 1.1%.
Non-ferrous metal stocks led gains both onshore and offshore, rising 1.2% and 3.3%, respectively, as copper prices hit a record high and gold reached a one-month peak.
Hong Kong-listed tech majors were up 1.9%.
Chinese developer Vanke shares held steady ahead of a bondholder vote due to conclude later in the day.
Hong Kong’s Hang Seng Mainland Properties Index was up 0.5%.
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