The onshore benchmark is down more than 22% this year as investors grappled with a slowing economy and rising hostility between the US and China. Economists surveyed by Bloomberg predict growth of just 3.3% this year, the second-weakest pace in more than four decades.Article content“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.
Some tech stocks had seen huge losses recently following 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. Xi hit back in his Sunday speech marking the opening of the congress, promising to “resolutely win the battle in key core technologies.
The moves in China and Hong Kong stocks were largely in line with the decline across Asia, with the MSCI Asia Pacific index down more than 1%. Sentiment was weak overall following a Friday slump in US stocks.
What about this?