Asian stocks advance after Wall St hits new record

Asian stock markets have risen after Wall Street hit a new high and China promised support to entrepreneurs to shore up economic growth

BEIJING -- Asian stock markets rose Monday after Wall Street hit a new high and China promised support for entrepreneurs to shore up economic growth.

Shanghai, Tokyo, Hong and Sydney advanced ahead of a Federal Reserve policy meeting this week at which higher U.S. inflation might influence a decision on when to start rolling back stimulus that is boosting stock markets.

Wall Street's benchmark S&P 500 index closed Friday up 3.8% for the week in a rally led by tech companies.

Also Friday, Chinese leaders promised tax cuts and other support for entrepreneurs at an annual planning meeting that emphasized maintaining stability after economic growth fell to an unexpectedly low 4.9% over a year earlier in the latest quarter.