Shares of Hermes, Richemont, and LVMH soared this week on hopes China's new stimulus will lead to more spending.

This week, the Chinese government unveiled a slew of stimulus measures to boost its economy and get national GDP to an annual growth target of 5%.

Beijing’s pledge to support capital markets and economic growth targets also helps lift European stocks and metals prices

On Friday, the CSI 300 index of big Chinese companies traded in Shanghai or Shenzhen rose 4.5 percent and was up 15.7 percent this week. The gain was the largest in a single week for the index since November 2008, when share prices were gyrating violently with the onset of the global financial crisis.

China's stock market experienced its best week in 16 years, spurred by an aggressive stimulus package ahead of the Golden Week holidays. The CSI300 and Shanghai Composite indexes surged, buoyed by measures to stabilize the housing market and promises of special sovereign bonds.

UK shares slipped on Wednesday, retracing gains from the previous session, as investors questioned whether the optimism over extensive stimulus measures in China was overdone.

Chinese equities are on track for their best week since 2008 after Beijing launched an economic stimulus package including a $114bn war chest to boost the stock market. The CSI 300 index of Shanghai- and Shenzhen-listed companies is up 14.

Chinese property stocks and metal prices also rally after stimulus measures aimed at faltering economy. Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

By Stella Qiu SYDNEY (Reuters) -Chinese stocks raced toward their best week since 2008 and helped lift Asian shares to 2-1/2-year highs after Beijing rolled out a huge stimulus package to revive the economy,