For much of the past year since China reopened to the world following the Covid-19 pandemic, a pall has hung over large swathes of the country as its economy struggles to regain momentum.

While hopes are high, the wider Chinese economy—in particular its languishing property market—will take longer to recover.

Asian equities were lower, except for Mainland China and Hong Kong, as the former posted one of the all-time greatest days, while the latter had a good session, led by growth stocks and sectors.

China stocks rallied to their best day in 16 years, with related U.S. ETFs also soaring after recent economic stimulus buoyed investor optimism in the market. The Shanghai Composite rallied 8.06% in its best day since September 2008,