Chinese automakers trade higher after authority vowed to expand demand, promote auto consumption

 

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Chinese automakers are trading higher in Hong Kong, with Xpeng Motors surging nearly 10%, Nio up 8,7%, Geely Auto up nearly 6%. In the A-share market, Chongqing Changan is up 8,7%, Great Wall Motor up 6.2%, BYD Company up more than 3%.

China will actively expand domestic demand by increasing residents’ income, boost effective supply, and integrate domestic demand expansion and supply-side reforms, the Politburo, the top decision-making body of the Communist Party, said at a meeting on Monday. 

The government will promote big-ticket consumption including autos, electronics and household supplies as well as service consumption such as sports, leisure, culture and tourism, it said.