“The key language change to describe the role of the market as ‘decisive’ rather than ‘basic’ in resource allocation suggests to us an agenda of allowing private capital a broader role in the country,” the bank said in a note obtained by MarketWatch. “This we would hope sets the scene for a greater role for private firms and the stock market itself in driving growth.”

The newest kid on the China ETF block is also benefiting from the reform news. Shares of the new db X-trackers Harvest CSI 300 China A-Shares Fund (NYSEArca: ASHR) are up 4.2% on volume that is already more than five times the daily average in what is shaping up to be the ETF’s best single-day performance since its debut earlier this month. [China A-Shares ETFs Could Capture Investors’ Attention]

Morgan Stanley says it’s keen on consumption, information technology and healthcare sectors, according to MarketWatch. That is potentially good news for ASHR as consumer discretionary, staples, health care and tech names combine for about 28% of the ETF’s weight.

ASHR Sector Weights