Shares soar on economic recovery hopes

China's stocks rose to the highest in nine months after reports that showed manufacturing expanded prompted speculation stimulus measures are working to revive the world's third-largest economy.

Baoshan Iron & Steel Co, China's biggest steelmaker, climbed 4.5 percent and China Petroleum & Chemical Corp, Asia's biggest oil refiner, gained 3.6 percent after the government said it will eliminate overcapacity in the oil refining and steelmaking industries.

"The economic data are showing more optimism about the recovery of the economy," said Yan Ji, a Shanghai-based investment manager at HSBC Jintrust Fund Management Co. "Again, the market is quite excited about government intervention to protect the pillar industries."