Why Tencent Music, iQiyi, Baidu, and Other Chinese Stocks Surged on Thursday

Shares of a large number of Chinese consumer goods stocks were soaring on Thursday. Streaming video leader iQiyi (NASDAQ: IQ) was up 17.4%, online music titan Tencent Music Entertainment Group (NYSE: TME) gained as much as 15.7%, online entertainment platform DouYu International (NASDAQ: DOYU) climbed as much as 15.6%, and search giant Baidu (NASDAQ: BIDU) jumped 10.8%. The catalyst that sent these consumer-facing Chinese stocks surging was comments made by government regulatory agencies regarding plans to boost the most populous nation's economy.