China-based stocks, like Alibaba ( BABA ), Baidu ( BIDU ), JD.com ( JD ), XPeng ( XPEV ), and GDS Holdings ( GDS ), are gaining after comments from President Xi Jinping saying the economy is "on an upward trajectory" in his annual New Year's address, reassuring markets about the health of the Chinese economy.

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This post was written by Naomi Buchanan.