A pedestrian walks past an electronic screen displaying the Hang Seng Index, left, and the Hang Seng China Industry Top Index in Hong Kong. File photo: BLOOMBERG/CHAN LONG HEI
China’s benchmark CSI300 index fell 3.1% on Monday, the biggest drop in a month, as a lockdown in Shanghai and other parts of the country threatens economic growth. “There remain lots of structural bubbles and risks in this market, which also faces huge external uncertainty,” he said, citing capital outflow risk, fallout from the Ukraine crisis, and rising geopolitical tensions.
The government will also improve the financing mechanism for private companies, and support corporate fundraising, acquisitions and restructurings in areas badly hit by Covid-19.To boost investor confidence, CSRC said it will encourage listed firms to buy back their shares to stabilise prices. Major shareholders and senior executives are also encouraged to actively buy shares when prices fall sharply.
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China coaxes listed firms to buy back shares to stabilise marketChina is also stepping up efforts to woo foreign investors, amid signs of capital outflows
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