Shares of several Chinese companies, including Bilibili Inc - ADR (NASDAQ: BILI) and Baidu Inc
(NASDAQ: BIDU) are trading higher Monday after China announced a pledge to optimize the business environment for private enterprises ahead of the Politburo meeting later this week.
The Details: According to CNBC, China's National Development and Reform Commission (NDRC) released a 17-point statement on Monday which included pledges to support private investment in transportation, clean energy, new infrastructure, advanced manufacturing and real estate. The latest announcement followed a series of recent measures aimed at stimulating the struggling Chinese economy.
Last Wednesday, the Communist Party of China Central Committee and the State Council pledged to apply equal treatment and standards to private companies and state-owned entities, adding that the country will help to strengthen the private economy.
On Thursday, The People's Bank of China and the State Administration of Foreign Exchange changed its cross-border financing guidelines to allow for increased borrowing from foreign sources.
The KraneShares CSI China Internet ETF (NYSE: KWEB) and JD.Com, Inc (NASDAQ: JD) are also among the Chinese names that are rising on the news of the announcement.
BILI, BIDU, KWEB, JD, KWEB Price Action: According to Benzinga Pro, shares of Bilibili are trading 13.8% higher at $17.60, and shares of Baidu are trading 5.6% higher at $149.42. The KWEB is trading 5.23% higher at $29.65, and JD.com shares are trading 4.3% higher at $29.65 at the time of publication on Monday.