Shares of several Chinese stocks, including Pinduoduo Inc - ADR PDD, ContextLogic Inc WISH and JD.Com Inc JD are trading higher after the Chinese government vowed to focus on consumption recovery and reduce some income tax rates.

Shares of several Chinese stocks have otherwise been under pressure amid continued COVID-19 omicron variant concerns, which have prompted travel restrictions in some nations and added to lockdown fears. Omicron concerns have also caused uncertainty amid the holiday shopping season. Shares of Chinese companies have also been under pressure in 2021 amid further regulatory concerns in China.

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Pinduoduo provides a platform for buyers with value-for-money merchandise and fun and interactive shopping experiences. ContextLogic is an online shopping store. The store provides personalized products, clothing products, accessories, gaming products and equipment, cosmetics, plastic products, mobile covers, and other products. JD.com is China's second-largest e-commerce company after Alibaba in terms of transaction volume, offering a wide selection of authentic products at competitive prices, with speedy and reliable delivery.