The Shanghai Composite jumped +2.3% early this morning on the news. Note that FXI (iShares China Large-Cap) barely budged today, but that's not where the 'A' shares are traded. CAF ( the Morgan Stanley China A Shares Fund), on the other hand, jumped +3.64% and closed at the day's high.
Investor psychology remains muted at this point (despite an initial +560 point spike in Hong Kong's Hang Seng this morning, it settled to close just +194 points higher). IMHO, today may have marked 'buying opps' in FXI, EEM (iShares MSCI Emerging Markets), and even CAF.