U.S. Stock Market Update | Chinese concept stocks continue to rise, domestic favorable policies "multi-pronged approach"
The Political Bureau of the Communist Party of China Central Committee held a meeting on September 26 to analyze the current economic situation and deploy economic work, emphasizing that the economic fundamentals remain unchanged. Chinese concept stocks in the US stock market performed strongly, with Alibaba up 9.48%, Pinduoduo up 11.59%, and JD.com up 13.93%. The People's Bank of China and relevant departments will accelerate the introduction of financial policies to promote the entry of medium and long-term funds into the market, and facilitate sustained economic recovery
According to the Wise Finance APP, on Thursday, US stocks, including Chinese concept stocks, continued to rise after opening with fluctuations. As of the time of publication, Alibaba (BABA.US) rose by 9.48% to $104.54, Pinduoduo (PDD.US) rose by 11.59% to $127.20, JD.com (JD.US) rose by 13.93% to $37.83, and Fangdd Network (DUO.US) rose by 129% to $1.15.
On September 26th, there were several significant domestic news releases. The Political Bureau of the Communist Party of China held a meeting on September 26th to analyze and study the current economic situation and deploy the next economic work. The meeting pointed out that the fundamental aspects of China's economy, the broad market, strong economic resilience, and great potential have not changed. At the same time, some new situations and problems have emerged in the current economic operation.
In the afternoon of the same day, the People's Bank of China held a system-wide video conference. The meeting emphasized that the analysis of the current economic situation and the clear deployment of the next economic work by the Political Bureau require swift action from the People's Bank of China system to fully implement them. It is necessary to accelerate the issuance of financial increment policy documents, implement and execute each policy measure effectively. It is important to strengthen inter-departmental coordination, establish relevant special working groups, coordinate efforts across the entire system, and effectively promote the continuous improvement of the economy and high-quality financial development.
In addition, the Central Financial Office and the China Securities Regulatory Commission officially issued the "Guiding Opinions on Promoting the Entry of Medium and Long-Term Funds into the Market." Focusing on the overall goal of "more long-term funds, longer-term funds, and better returns," it emphasizes three measures: building and nurturing a capital market ecosystem that encourages long-term investment, vigorously developing equity public funds, and focusing on improving various policies and systems to support the entry of medium and long-term funds into the market