Why did Alibaba shares climb 11% Tuesday? Investors liked what Biden and Xi had to say

Alibaba (NYSE:BABA) shares surged more than 11% Tuesday, with its gains standing out among Chinese Internet stocks that rallied following talks held between U.S. President Joe Biden and Chinese leader Xi Jinping at the G-20 summit in Bali.
Investors were encouraged by Biden and Xi meeting for three hours at the gathering of leaders of the world's largest economies. Biden and Xi said the U.S. and China would have more-frequent communications, and Biden said the U.S. wasn't interested in conflict with China.
Along with Alibaba (BABA), Baidu (NASDAQ:BIDU) shares rose 9%, Bilibili (NASDAQ:BILI) surged more than 26%, Tencent Holdings (OTCPK:TCEHY) climbed almost 11%, JD.com (JD) tacked on 7%, and NetEase (NTES) ended the day up by almost 10%.
The KraneShares CSI China Internet ETF (KWEB) climbed more than 9% by the time U.S. stock markets closed.
Wall Street analysts currently have a consensus strong buy rating on Alibaba's (BABA) stock, which Seeking Alpha authors have a buy rating on Alibaba's (BABA) shares. Alibaba (BABA) gets a hold rating from Seeking Alpha's Quant system, which regularly outperforms the stock market.