Why NetEase (NTES) Shares Are Trading Higher

NetEase Inc NTES shares are trading higher by 3.99% to $96.19 Tuesday morning. Shares of several Chinese stocks are trading higher after Chinese premier Li Qiang said the country is still on track to reach its 5% annual growth target.

What Happened?

According to Reuters, Chinese Premier Li Qiang announced on Tuesday that China intends to enhance demand, stimulate markets, foster development, accelerate the green transition and open select sectors of its economy to international participation.

Chinese Premier Li Qiang emphasized his opposition to the politicization of economic and trade matters, emphasizing the importance of effective communication to prevent misunderstandings between nations.

In a meeting with Chinese and foreign business leaders, he reaffirmed China's commitment to globalization and its openness to foreign investors.

What Else?

Li assured the government's continued support for the presence of foreign companies and addressed concerns such as improving government procurement policies for medicines and addressing foreign firms' apprehensions regarding new data management regulations, per a report by Reuters.

He clarified that security checks on foreign firms would not be misused, while also noting instances where some companies had violated Chinese rules.

According to data from Benzinga Pro, NTES has a 52-week high of $101.92 and a 52-week low of $53.09.