U.S.-listed Chinese stocks including Alibaba Group Holding (NYSE: BABA ), Baidu, Inc (NASDAQ: BIDU ), JD.com, Inc (NASDAQ: JD), PDD Holdings Inc (NASDAQ: PDD), NIO Inc (NYSE: NIO), Li Auto Inc (NASDAQ: LI ), and XPeng Inc (NYSE: XPEV ) gained on Friday in sympathy with acceleration of China’s economic activity beating expectations for the last quarter of 2024 as stimulus measures kicked in.
China’s gross domestic product expanded by 5.4% in the fourth quarter, beating Reuters estimates of 5.0% growth, CNBC reports .
That fourth-quarter sprint helped lift China’s full-year GDP growth to 5.0% in 2024, in line with the official target of “around 5%,” CNBC cites China’s National Bureau of Statistics on Friday.
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The 2024 GDP growth missed a 5.4% rise in 2023, post-pandemic.
Retail sales jumped 3.7% in December, topping Reuters’ forecast of 3.5%. Industrial output expanded 6.2% versus the 5.4% estimate.
The 2024 fixed asset investment rose 3.2% in 2024, versus Reuters estimate of 3.3%.
Chinese offshore yuan strengthened slightly to 7.3398 per U.S. dollar.
Reportedly, U.S. President-elect Donald Trump’s administration could gradually increase tariffs.
However, analysts, including Raymond Yeung of ANZ Bank and Jan Hatzius of Goldman Sachs, flagged China’s GDP growth concerns to SCMP, citing robust stimulus, given threats of higher tariffs and low domestic confidence.
The urban unemployment rate reached 5.1% in December from 5.0% in November.
Price Action: BABA stock traded higher by 2.93% to $84.84 on Friday. JD is up 9.05%.
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This article US Listed Chinese Stocks Rally As China's GDP Growth Data Fuels Optimism originally appeared on Benzinga.com
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