JOYY Inc., a Chinese tech company, saw its stock soar 5.13% during Wednesday's trading session on the back of positive developments from China's annual National People's Congress (NPC) meeting.
At the NPC gathering, Beijing set an ambitious economic growth target of around 5% for 2025, raising expectations for officials to unleash more stimulus measures to support the economy and domestic consumption. Notably, the government vowed to provide more support for the tech industry and the application of large-scale AI models, mentioning AI models for the first time in a government work report.
The bullish growth target and the supportive stance towards the tech sector, particularly AI-related technologies, fueled optimism among investors, driving a rally in Chinese tech stocks like JOYY Inc. The company's stock benefited from the positive sentiment surrounding the sector.
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