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    Chinese carmakers surged on speculation authorities are considering relaxing controls over the number of automobile licenses in major cities.

    A document circulating on Chinese social media showed China’s economic planner was drafting a series of stimulus measures to bolster consumption, said Danny Chen, an analyst at CIMB Securities Ltd. People familiar with the matter confirmed the proposals have been drafted and include potential subsidies for new-energy vehicles.

    The National Development and Reform Commission, which is said to have drafted the plan, didn’t immediately respond to a fax seeking comment.

    Shares of electric-vehicle maker BYD Co. soared 14 percent in Hong Kong, leading gains on the MSCI China Index, where Chinese automaker stocks accounted for seven of the top 10 gainers. Great Wall Motor Co. rose 9.9 percent for its highest close since June 2018. Geely Automobile Holdings Ltd. rallied 13 percent, its biggest gain since September 2015. In Shanghai, Chongqing Changan Automobile gained 9.9 percent.

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