China Stocks Routed Amid Growth Worries; Alibaba Drops 4.5% After Surprise Leadership Switch

yesterday announced plans to switch its chairman and CEO. Source: BloombergChina-traded shares in the U.S. closed sharply lower today amid worries about growth in the world’s No. 2 economy, fierce competition in its e-commerce world, and continued geopolitical tension between the U.S. and China after this week’s high-level meeting between the two sides in Beijing left many sources of conflict unresolved.

Billions of dollars of market capitalization in China stocks were wiped out today. Among today’s losers, WuXi Biologics dropped nearly 18%, social media Bilibili lost 8.6%, e-commerce sites PDD and JD.com declined by nearly 7% each, Alibaba fell 4.5% and EV maker Li Auto slid 1.5%. China shares underperformed broader U.S. indices that were weighed down by interest rate concerns ahead of testimony by Federal Reserve Chairman Jerome Powell this week. Lower rates could help global economic growth. The Nasdaq declined by 0.16% and Dow lost 0.72%.

China investors since the end of last year have hoped for a big rebound in consumer spending following the end of Covid-linked lockdowns stifled the economy. However, weak private and foreign investment, high youth unemployment and continuing tension in relations with Western nations have fueled caution; meanwhile, a government stimulus package expected by some has yet to materialize.

Investors hoping for positive news about U.S-China relations after this week’s meeting between U.S. Secretary of State Antony Blinken and Chinese President Xi Jinping in Beijing didn’t get it today, however. The Wall Street Journal ran a front-page story with the headline: “China Seeks Site in Cuba for Joint Training,” a move it said is “sparking alarm” in Washington and raises the possibility of People’s Liberation Army forces setting up 100 miles from Florida’s coast.

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