Chinese stocks closed higher on Wednesday as investors looked for fresh policy support from the ongoing National People’s Congress Standing Committee meeting. The Shanghai Composite gained 0.59% to 3,912.5, while the Shenzhen Component rose 0.69% to 13,841.3.

The August 25–28 meeting is drawing close attention following weaker economic data and repeated government pledges to support growth. Investors are watching for new measures aimed at boosting economic activity.

Meanwhile, China Merchants Bank is set to issue a three-year floating-rate bond linked to the overnight repo rate, becoming the first domestic commercial bank to do so. The move follows a similar issuance by the Export-Import Bank of China.

The development highlights the PBOC’s efforts to establish the overnight repo rate as a key benchmark for short-term borrowing costs and align China’s monetary framework more closely with global practices.

Among the top performers, Zijin Mining climbed 2.35%, SMIC rose 3.46%, Luxshare Precision Industry gained 4.10%, and Sungrow Power Supply advanced 2.76%.