Asian markets rise as China announces plans to help economy

Hong Kong(CNN Business) Asian markets rose on Friday after China announced plans that could help boost consumer spending.

Hong Kong's Hang Seng Index (HSI) gained 0.9%, while China's Shanghai Composite Index (SHCOMP) went up 0.3%.

China said it would step up its efforts to boost disposable income and stabilize employment. The National Development and Reform Commission announced those plans during a press briefing.

Hong Kong has also taken measures to help avert a recession. On Thursday, the city's government unveiled a stimulus package worth about $19 billion Hong Kong dollars ($2.4 billion).

Some companies that trade in Hong Kong and Shanghai also posted strong earnings. Ping An Insurance (PIAIF), China's largest insurer, climbed in Hong Kong after it posted a 68% surge in its first-half net profit. Its Shanghai-traded stock also gained.

Tsingtao Brewery (TSGTF), China's second largest beer maker, soared in Shanghai, after its net profit increased more than 25% for the first half of the year. The Hong Kong-traded shares jumped as well. Its bigger rival China Resources Beer (CRHKY), best known for Snow beer, surged in Hong Kong after posting a 24% increase in net profit for the first half.

Australia's S&P/ASX 200 seesawed between small gains and losses and ended barely lower. On Thursday, the index tumbled 2.9%.

Japan's Nikkei (N225) ended 0.6% higher after a lower open. South Korea's Kospi (KOSPI)declined 0.6% as it reopened Friday, following Thursday's public holiday.

US-China trade tensions continue to be a concern.

On Thursday, China said it would "take necessary countermeasures" after the United States announced earlier this month a new 10% tariff on $300 billion in Chinese goods. But a spokeswoman from the foreign ministry later calmed investor fears saying China remains hopeful for an eventual trade deal.