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%.

The last week has been a “whole shift” from the Chinese government as it brings out the “big guns” policy-wise to support growth, hedge fund billionaire David Tepper told CNBC’s “Squawk Box” on Thursday morning, adding he’s buying “everything” he can get his hands on tied to Chinese equities.

China’s stock market surged the most in more than two years and industrial commodity prices bounced after Beijing on Tuesday unleashed a swathe of stimulus measures.

China's central bank cut the reserve requirement ratio by 0.5 percentage points for financial institutions and lowered the interest rate of seven-day reverse repos by 20 basis points on Friday.

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,