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Alibaba, Baidu among Chinese tech stocks trading higher after Beijing announces economic-growth plans

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Shares of Chinese internet stocks are trading higher in Tuesday’s session, after the Chinese government said it would cut taxes and ramp up infrastructure investments in an effort to stimulate the economy. Shares of Qutoutiao Inc. QTT, +5.84% , a Chinese viral-content site, are up more than 5% in morning trading, and shares of Bilibili Inc. BILI, +2.99% which runs a video-sharing platform, are up 3.2%. Baidu Inc. BIDU, +3.01% shares are also heading higher, up nearly 3%. Alibaba Group Holding Ltd. BABA, +1.08% shares are up 1.8% in Tuesday trading, a day after the company’s president, Michael Evans, said at a retail conference that he thinks the future of China “looks very good, notwithstanding some troubling headwinds.” The KraneShares China Internet ETF KWEB, +1.51% is also up 1.8% Tuesday. The ETF has dropped 7.8% over the the past three months, as the S&P 500 SPX, +1.07% has fallen 5.5%.

SOURCE; marketwatch.com ls

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