SHANGHAI, Dec 13 (Reuters) - China and Hong Kong stocks rose on Monday as China's top leaders vowed to prioritise economic stability in 2022, fuelling hopes for more stimulus to aid a slowing economy.
** China will cut tax and fees, front-load infrastructure investment, and step up cross-cyclical policy adjustments next year to keep growth within a reasonable range, senior policymakers said in a statement after holding the annual Central Economic Work Conference from Dec. 8-10.
** China's blue-chip CSI300 index (.CSI300) rose 1.3%, to 5,121.25 points by the lunch break, while the Shanghai Composite Index (.SSEC) gained 1%, to 3,702.88 points.
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** The Hang Seng index (.HSI) added 1%, while the Hong Kong China Enterprises Index (.HSCE) gained 0.9%.
** The agenda-setting meeting "leaves little doubt that policy support is being stepped up," Mark Williams, chief Asia economist at Capital Economics, wrote.
** Infrastructure stocks (.CSI000950) jumped more than 3% in China, on bets of more aggressive fiscal policies to speed up building roads, railways and data centres.
** "We believe the government will soon bring forward some new quotas of special local government bonds," ANZ economists wrote.
** "Furthermore, Chinese authorities will likely stabilise fixed-asset investment amid the weakness in the property sector."
** But real estate stocks in China (.CSI000952) and Hong Kong (.HSCIPC) fell, as policymakers reiterated that "housing is for living, not for speculation".
** "It's not a 180-degree change of Beijing's property curbs yet, and it's hard for Beijing to make such a turnabout," Nomura's chief China economist Lu Ting said.
** Also bucking the broader trend, China-listed tourism (.CSI930633) and transport (.CSI000957) stocks fell, amid worries over a new COVID-19 outbreak in eastern Zhejiang province.
** More than a dozen Chinese-listed companies said they had suspended production in coronavirus-hit parts of Zhejiang in response to local government's tightened COVID-19 curbs, causing their share prices to plunge. read more
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Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu
Our Standards: The Thomson Reuters Trust Principles.
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China, HK stocks rise on stimulus hopes; virus fears weigh on some sectors - Reuters
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