NIO Inc ( NIO ) shares are trading higher Monday alongside several Chinese stocks amid multiple developments. Here’s a look at what’s going on.

What To Know: Several China-based stocks are rising Monday following the National People's Congress event, which lasted from March 5 to Monday.

According to Bloomberg, China stocks rallied after China revealed its 2024 economic growth target of 5% at the conference, which was in line with expectations. Very few negatives reportedly came out of the event.

Separately, consumer prices in China rose for the first time in six months after CPI climbed 0.7% year-over-year in February, per Reuters. The number came in ahead of economist estimates of 0.3%, potentially easing some deflation concerns.

The growth in prices was the highest in 11 months on a year-over-year basis as some key food items gained and travel around the Lunar New Year last month helped boost the index. Still, some analysts have warned that a full recovery may not yet be in the works.

“It is too early to conclude that deflation in China is over. Domestic demand is still quite weak. Property sales of new apartments have not stabilized yet,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management.

Morgan Stanley analyst Tim Hsiao on Monday maintained Nio with an Overweight rating and lowered the price target from $13 to $10.

Last week, multiple analysts cut price targets on the stock after Nio reported fourth-quarter financial results. Nio’s fourth-quarter deliveries were up up 25% on a year-over-year basis, but down 9.7% from the third quarter. The company guided for first-quarter deliveries of 31,000 to 33,000 vehicles.

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NIO Price Action: Nio shares were up 7.24% at $6.22 at the time of publication, according to Benzinga Pro.