China stocks slip, Hong Kong surges after cabinet's pledge to stabilise market

FILE PHOTO: An electronic board shows stock indexes at the Lujiazui financial district in Shanghai, China, March 21, 2023. REUTERS/Aly Song/File Photo

SHANGHAI;- China stocks slipped on Tuesday, hovering near a five-year low hit in the previous session, while Hong Kong shares rallied after the country's cabinet pledged to take more effective measures to stabilise market confidence.

The cabinet meeting, chaired by Premier Li Qiang, said on Monday it will step up medium- and long-term fund injections in the capital market to strengthen stability as well as promote healthy development.