SHANGHAI: China and Hong Kong stocks rose on Monday as China's top leaders vowed to prioritise economic stability in 2022, fuelling hopes for more stimulus to aid a slowing economy.

** China will cut tax and fees, front-load infrastructure investment, and step up cross-cyclical policy adjustments next year to keep growth within a reasonable range, senior policymakers said in a statement after holding the annual Central Economic Work Conference from Dec. 8-10.

** China's blue-chip CSI300 index rose 1.3%, to 5,121.25 points by the lunch break, while the Shanghai Composite Index gained 1%, to 3,702.88 points.

** The Hang Seng index added 1%, while the Hong Kong China Enterprises Index gained 0.9%.

** The agenda-setting meeting "leaves little doubt that policy support is being stepped up," Mark Williams, chief Asia economist at Capital Economics, wrote.

** Infrastructure stocks jumped more than 3% in China, on bets of more aggressive fiscal policies to speed up building roads, railways and data centres.

** "We believe the government will soon bring forward some new quotas of special local government bonds," ANZ economists wrote.

** "Furthermore, Chinese authorities will likely stabilise fixed-asset investment amid the weakness in the property sector."

** But real estate stocks in China and Hong Kong fell, as policymakers reiterated that "housing is for living, not for speculation".

** "It's not a 180-degree change of Beijing's property curbs yet, and it's hard for Beijing to make such a turnabout," Nomura's chief China economist Lu Ting said.

** Also bucking the broader trend, China-listed tourism and transport stocks fell, amid worries over a new COVID-19 outbreak in eastern Zhejiang province.

** More than a dozen Chinese-listed companies said they had suspended production in coronavirus-hit parts of Zhejiang in response to local government's tightened COVID-19 curbs, causing their share prices to plunge.