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Business Maverick: China stocks slide as Xi disappoints on Covid Zero policy

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Traders in China hoping for signs of a shift away from Covid Zero and further support for the ailing property sector were disheartened by President Xi Jinping’s speech, spurring a decline in stocks. The benchmark CSI 300 Index slid as much as 0.9% on ...

China stock traders have been looking to the leadership gathering for fresh market impetus after suffering losses that have been among the worst in the world. Xi’s renewed pledge for tech self-reliance offered some reprieve to the sector, but overall, his reiteration of the signature Covid Zero policy and the absence of stimulus signals for the property sector came as a disappointment.

“Markets may be disappointed that it appears there is no change in Covid-Zero policy and no clarity on an exit strategy,” said Marvin Chen, analyst at Bloomberg Intelligence. “There was also no signal on the property sector. These two issues are the top concerns for investors and overall the speech was relatively status quo on both of them.”

Xi vowed to “resolutely win the battle in key core technologies” in his opening speech, suggesting more state support to boost the sector. This follows the Biden administration’s restrictions on the sale of chip-related technology to Chinese customers, striking at the foundation of Xi’s efforts to develop the sector.

 

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