Chinese ADRs jumped again in morning trading Thursday, erasingthe negative impact spurred by US President Donald Trump’s new tariffs, as expectations rose that China will introduce more stimulus polices to achieve its newly set annual growth target.

YINN rose 4%; JD.com rose 5%; iQiyi rose 4%; Tencent and NetEase rose 3%; PDD Holdings,Bilibili, Alibaba, and Baidu rose 2%; XPeng and Tencent Music rose 1%.

China’s growth target of around 5 per cent for the year has raised optimism that more forceful stimulus measures will be necessary given multiple headwinds including deflation, the property market’s woes and frayed ties with the US. The government work report unveiled during the ongoing National People’s Congress (NPC) also highlighted looser monetary policies, indicating that cuts in borrowing costs and banks’ reserve requirement ratio are on the way. It also pledged to widely apply AI large-language models and vigorously develop smart equipment and terminals including robotics and electrical vehicles.

Alibaba Group Holding released a reasoning artificial intelligence (AI) model that it claims can compete with that of DeepSeek.

Chinese e-commerce giant JD.com exceeded market expectations for quarterly revenue on Thursday as deep discounts and government subsidies encouraged customers to spend, driving up strong year-end sales.

The uptrend on Chinese stocks remained intact, as messages from the NPC about tech innovation and consumption should sustain momentum, said Laura Wang, a strategist at Morgan Stanley in Hong Kong. The recent tariff increase would only disrupt, not derail the run-up, because of the falling US share of China’s exports and investors’ over-pessimism, she said.

Investors kept a close watch on a joint media briefing by the nation’s top economic officials on Thursday afternoon for clues on fresh supportive measures. The press conference included the chiefs of the finance ministry, the central bank and the securities regulator.

Authorities have ample policy tools and space to respond to possible domestic and external uncertainties, Chinese Finance Minister Lan Fo’an said at a press briefing in Beijing on Thursday on the sidelines of the annual legislative session.

China’s monetary policy has been supportive and relatively loose, and the central bank will seek to further cut interest rates and banks’ reserve requirements this year at an appropriate time, PBOC governor Pan says.