Chinese lawmakers discuss major fiscal stimulus as US-listed stocks gain

China's lawmakers have started a week-long session to discuss a major fiscal stimulus package, the largest since the COVID-19 pandemic. This aims to boost confidence in the economy and address local government debt issues.

U.S.-listed Chinese stocks, including Alibaba, JD.com, and NIO, saw gains following the stimulus news. The proposed package could total around 10 trillion yuan (about $1.4 trillion) over three years, focusing on local government finances and consumer spending.

Key measures may include raising local government debt limits and increasing the fiscal deficit target. Analysts suggest these steps are necessary to effectively stimulate growth amid ongoing economic challenges.