China has previously said it will step up efforts to increase disposable income and stabilize employment. The National Development and Reform Commission announced these plans during a press briefing.
Hong Kong has also recently taken steps to help prevent a recession. On Thursday, the city government unveiled a stimulus package worth about $ 19 billion ($ 2.4 billion).
Some companies trading in Hong Kong and Shanghai also report strong revenue. Ping insurance (PIAIF)China's largest insurer climbed 3% in Hong Kong after reporting a 68% rise in first-half net profit. Its shares traded in Shanghai also gained 2.2%.
Tsingtao Brewery (TSGTF)China's second-largest beer producer jumped 10% in Shanghai after net profit increased more than 25% in the first half of the year. Hong Kong's traded shares jumped 11.5%. His older rival Chinese resources Beer (CRHKY), Snow's most famous beer rose by 7.2% in Hong Kong after recording a 24% increase in net profit in the first half.
The Australian S&P / ASX 200 is seen between small gains and losses. Last traded 0.1% lower. The index fell 2.9% on Thursday.
Japan Nikkei (N225) was 0.1% higher after lower open. South Korea Kospi (KOSPI)has fallen 0.8% since it opened on Friday, following the official holiday on Thursday.
Trade tensions between the US and China remain a problem.
On Thursday, China said it would "take the necessary countermeasures" after the United States announced a new 10% $ 300 billion tariff on Chinese goods earlier this month. But a foreign ministry spokesman later quelled investors' concerns, saying China remained hopeful of a possible trade deal.
Here are some other great moves and talking points at 12:45 h Hong Kong time:
- Tencent (TCEHY), the Chinese social media and gaming giant, continued to fall after warning of upcoming challenges for its business. It has fallen 0.9% recently.
- On Thursday at Dow (INDU) increased by about 100 points, or 0.4%, recovering some of the heavy losses in the previous session. The most S&P 500 (INX) ended 0.25% higher. But on Nasdaq (COMP), with their numerous technology companies dropped 0.1%.
- Ali Baba (BABA), the Chinese online retail giant, jumped 3% on Wall Street after reporting sales that beat market estimates. Its revenue grew 42% in 2008. at the latest quarter.