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China's Ministry of Finance said the government will strengthen
fiscal policy, boost infrastructure spending and speed up reform
of its tax system, adding to other steps to reenergize
sputtering growth.
The Shanghai Composite closed 2.3 percent higher and the CSI 300
index rose 1.96 percent while Hong Kong's Hang Seng was up 4.5
percent.
U.S. stocks closed up more than 2 percent on Tuesday, bouncing
after steep losses last week.
The stock market gains were sparked by a rally in Chinese shares
on Tuesday, when weaker-than-expected August trade reinforced
investors' expectations that Beijing would act to bolster
slowing growth in the world's second-largest economy.
Investors will also keep an eye on data scheduled to be released
later on Wednesday, including job openings and labor turnover
numbers for July. Job openings, a measure of labor demand, are
likely to have risen to 5.288 million in July from 5.249 million
in the prior month.
Some investors have argued that the recent market volatility
will force the U.S. Federal Reserve to wait until the year-end
to raise long-term interest rates.
Apple shares were up 1 percent at $113.45 premarket. The iPhone
maker is expected to unveil new offerings at its annual
conference.
Yahoo was down 2.9 percent at $30, a day after the U.S. Internal
Revenue Service denied its request for a private letter ruling
on a possible tax-free deal related to the spinoff of its stake
in Alibaba. Alibaba was up 2.2 percent at $62.25.
(Reporting by Tanya Agrawal)
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