China stocks climbed on Tuesday, catching up to global gains following a long holiday weekend, after Premier Li Keqiang vowed China will continue to roll out phased policies to stabilise its COVID-19-ravaged economy.

 

** The blue-chip CSI 300 Index had gained 0.7% by the end of the morning session, while the Shanghai Composite Index was up 0.3%.

** The Hang Seng Index rose 0.4% and the Hang Seng China Enterprises Index went up 0.7%.

** Other Asian markets also rose ahead of U.S. inflation data that is expected to offer clues to the Federal Reserve's rate-hike path.

** "China will promote the recovery of consumption as the main pulling force and make greater efforts to boost effective investment," state media quoted Premier Li as saying on Monday.

** Consumer staples rose 2% and automobiles jumped 2.2%, while tourism shares and banks added more than 1% each.

** Chinese companies that provide outsourced pharmaceutical research or manufacturing services slumped, after U.S. President Joe Biden signed orders to push more government dollars to the U.S. biotechnology industry.

** Wuxi Biologics Inc tumbled nearly 20% to become the biggest percentage decliner among the constituents of the Hang Seng Index.

** The healthcare sub-index went down 1.9%.

** The Biden administration plans next month to broaden curbs on U.S shipments to China of semiconductors used for artificial intelligence and chipmaking tools, several people familiar with the matter said.

** Shares of Chinese semiconductor companies edged higher 0.6%.

** New bank lending in China rose less than expected in August, while broad credit growth slowed, as COVID flare-ups and a deepening property crisis weighed.

** The number of journeys taken during China's three-day mid-Autumn festival dropped by more than a third compared with last year, a state media report said on Monday.

** "The worsening business activity was mainly due to the tightened COVID control measures," Nomura said in a note, adding that it might prompt more cuts to GDP growth forecasts. (Reporting by Shanghai Newsroom)