Stocks in Asia raced ahead on Wednesday after Premier Wen Jiabao vowed that China would meet its official target of 7.5 per cent economic growth this year.

The benchmark Nikkei 225 index closed up 152 points at 8,959 in Tokyo while the Hang Seng advanced 217 points at 20,075.

Speaking at the World Economic Forum's meeting in Tianjin, Premier Wen conceded that the Chinese economy continues to face downward pressures but added that China has the ability to "keep the economy in good shape."

His comments boosted market confidence across Asia in a week that has otherwise been dominated by hopes that the US Federal Reserve will outline new policy measures to bolster's the US economy.

Investors also cheered news that Germany's Constitutional Court has rejected complaints against the Eurozone's new bailout fund.

Otherwise eenewed hopes about the global economy brought buyers out across the board with some of the strongest gains seen among resource stocks

Coal companies enjoyed a strong advance with shares of China Coal Energy and China Shenhua Energy punching 2.5% higher in Hong Kong following Premier Wen's bullish comments.

Oil stocks also made headway with Japan's Inpex carving out a 2.4% gain while in Hong Kong Cnooc beefed up 1.3%.

Steel maker JFE Holdings was another gainer in Wednesday's session, as was Angang Steel with each rising 2.7% respectively. Nippon Steel added 2.5%.

Exporters shrugged off recent losses with Canon logging a 2.6% gain while Nintendo notched up a 3.8% advance in Tokyo.



CJ

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