On Thursday, Chinese stocks soared to new heights in 2024, driven by easing restrictions in the real estate sector and uplifting trade data.
On May 9, 2024, both the Shanghai Shenzhen CSI 300 and Shanghai Composite indexes saw significant rises, hitting their peak levels for the year. This surge was influenced by the government's decision to relax rules in the struggling property market, sparking a broad market rally.
Property stocks, in particular, led the gains, reflecting renewed confidence in the sector after several major cities, including Hangzhou, removed home purchase limits. This move is part of broader efforts to rejuvenate the market, which is crucial for the country's economy, despite recent challenges such as high-profile defaults by developers like Country Garden.
Additionally, impressive growth in Chinese imports in April suggests a rebound in domestic consumption, further boosting market sentiment. This positive economic signal has raised hopes for sustained improvement in China's economic landscape.