China is encouraging long-term investors to buy more equities and major shareholders of listed firms to increase holdings when stocks slump, to stabilise a market rocked by the Covid outbreak.

The turbulence follows a year-long slide that had already caused widespread investor losses

The Hang Seng jumped 9% to above the 20,000 mark with its Tech Index logging its biggest daily gain of 22%, recovering most of its recent losses

Despite a tough year for China stocks, the green energy, small cap and fintech sectors all saw stellar performances this year.