China’s Stocks Rally to Six-Week High on Stimulus Expectations

China’s stocks climbed, sending the benchmark index to a six-week high, on speculation the government will take further steps to bolster economic growth.
Gauges tracking financial and energy companies surged at least 2.6 percent. Industrial Bank Co. advanced the most in seven months and China Petroleum & Chemical Corp., Asia’s largest refiner, rallied 2 percent. Great Wall Motor Co. jumped 6.8 percent after the nation’s car sales rose. Shanghai Chaori Solar Energy Science & Technology Co., the first Chinese company to default on corporate bonds onshore, fell by the maximum limit of 5 percent as a trading halt was lifted.
The Shanghai Composite Index climbed 1.9 percent to 2,098.28 at the close, as trading resumed after a holiday yesterday. China outlined a package of measures to support the expansion last week, including railway spending and tax relief, after easing funding restrictions for financial companies earlier this year. March trade figures are due this week after manufacturing indexes pointed to economic weakness.