Chinese stocks surge after week-long holiday

Chinese stock markets rose sharply on Monday as they resumed trade after the Lunar New Year holiday, while a commitment from the government to boost spending and support economic growth also aided sentiment.

The Shanghai Shenzhen CSI 300 index rose 1.3%, while the Shanghai Composite index added 0.6%, with most sectors trading positively. Automobile and industrial stocks were the best performers in early trade, while energy stocks retreated.

State media reports suggested that retail travel and spending recovered sharply to near pre-pandemic levels during the holiday, boding well for the Chinese economy. 2023’s Lunar New Year celebrations were the first in three years to occur without any anti-COVID restrictions, after the country began scaling back its strict zero-COVID policy in December.

Fidelity China Special Situations PLC (LON:FCSS), the UK’s largest China Investment Trust, capitalises on Fidelity’s extensive, locally-based analyst team to find attractive opportunities in a market too big to ignore.

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