Chinese and Hong Kong stock markets achieved their first annual gains since 2020, marking a recovery from a prolonged downturn. The Shanghai Composite Index rose 13.1% in 2024, while the CSI 300 Index climbed 14.7%. The Shenzhen Component Index gained 9.3%, and the ChiNext Index rose 13.2%. Hong Kong's Hang Seng Index ended a four-year losing streak with a 19.5% increase. This rebound was supported by Beijing's economic stimulus measures introduced in the latter half of the year, including significant liquidity injections by the People's Bank of China (PBOC). In December alone, the PBOC conducted 1.4 trillion yuan in outright reverse repo operations and purchased 300 billion yuan worth of sovereign bonds. Analysts remain optimistic about further gains in 2025, despite potential risks such as U.S. tariff increases.