Chinese stocks gain after Beijing lays out fiscal plans

Chinese stocks rose on Monday after Beijing sought to reassure investors over the weekend about its plan to increase spending to boost the world’s second-largest economy. The finance ministry said on Saturday that it planned to recapitalise local governments and state banks and buy unsold property as part of its stimulus plans but it held back from providing detailed figures.

Some economists said the finance ministry’s programmes announced at the weekend would help provide a basis for a recovery but they would need to see the details, including how much the government planned to spend and the programmes’ terms. Others were more positive, believing that the government would make good on its promises in important meetings planned for the coming weeks.

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