Chinese stocks have risen more than 1%, driven by gains in electric vehicle (EV) companies. This surge is supported by hopes for a new economic stimulus package from Beijing, which aims to address the country's economic downturn. However, there is skepticism about the long-term effectiveness of these measures in boosting consumer spending and addressing weak domestic demand. Notably, Chinese EV giant BYD has outpaced Tesla in Q3 revenue for the first time, reaching over 200 billion yuan ($28.2 billion), a 24% increase from last year. Despite this, Tesla remains the leader in EV units sold. The rise in Chinese stocks is also attributed to encouraging economic data, including a gauge of service activity that surpassed economists' forecasts.