Asian stocks advanced on Friday after Chinese leaders pledged to step up efforts to support the economy as the country weathers its worst outbreaks since the COVID-19 pandemic began.
Chinese state media reported that the Chinese Communist Party’s powerful politburo had pledged to step up efforts to boost growth while also curbing coronavirus outbreaks.
The party’s “zero COVID-19” policy has put pressure on President Xi Jinping (習近平) and other leaders to counter the blow to the economy from shutdowns aimed at vanquishing COVID-19. The restrictions are affecting the world’s second-largest economy through disruptions in shipments, manufacturing and other business activity.
“It is very important to do a good job of economic work and to ensure and improve people’s livelihood,” Xinhua news agency said in reporting the meeting.
The report indicated no change in the leaders’ strategy for fighting outbreaks.
However, it said the meeting agreed on adjusting policies to keep the economy, which was slowing even before the latest waves of infections, “operating in a reasonable range” and to speed up implementation of tax rebates and reductions, ensure enough energy supplies and help industries, small businesses and families severely affected by the pandemic.
The Shanghai Composite Index gained 2.4 percent to 3,047.06, down 1.3 percent weekly, while Hong Kong’s Hang Seng Index surged 4 percent to 21,089.39, bringing its weekly gain to 2.2 percent.
The TAIEX rose 1.05 percent to 16,592.18 points, but lost 2.54 percent for the week.
In Seoul, the KOSPI added 1 percent to 2,695.05, down 0.36 percent weekly.
Australia’s S&P/ASX 200 on Friday advanced 1 percent to 7,435.00, but fell 0.5 percent for the week.
India’s SENSEX on Friday retreated 0.8 percent to 57,060.87, taking its weekly loss 0.2 percent. The NIFTY 50 similarly lost 0.8 percent to 17,102.55 points, down 0.45 percent.
Tokyo was closed for a holiday, the first of several in Japan’s coming “Golden Week.”
Additional reporting by staff writer
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