Chinese stocks rose by lowering the number of new cases of coronavirus

China stocks closed Tuesday on the upside due to a reduction in the number of new cases of coronavirus infection in the country, as well as hopes for coordinated global measures to mitigate the economic damage from the coronavirus epidemic.

The Shanghai Composite Shanghai Stock Exchange Index rose 0.7% to 2.992.90 points, while the blue chip index CSI300 rose 0.5% to 4.091.36 points. Both indices added 3% on Monday.

Mainland China reported 125 new cases of coronavirus infection on Monday, compared with 202 a day earlier. However, cases outside of China continued to grow, creating a greater risk to the global economy.

G7 finance ministers and central bank governors will hold a conference call on Tuesday to discuss measures to deal with the growing outbreak of coronavirus and its economic consequences, a U.S. Treasury spokeswoman said Monday.

Chinese manufacturers suffered significant losses in February, as the coronavirus epidemic caused the sharpest decline in business activity in history, a private study published on Monday showed.

Nearly 300 million people returned to work in China after the New Year holidays as more and more companies resume work and authorities ease travel restrictions, but many small firms still struggle to find enough workers.

The Hong Kong Hang Seng index ended the session unchanged at 26.284.82 points, the Hang Seng China Enterprises index was also stable, closing at 10.485.16 points.