China stocks tumble as Beijing unveils measures to prop up flagging economy

Chinese authorities announced a slew of measures Friday to address growing concern over the state of the world’s second largest economy.

, while Hong Kong’s Hang Seng Index — which mostly tracks large Chinese companies — entered a bear market Friday, after dropping more than 20 per cent from a January high. Chinese consumer prices dipped into deflationary territory last month, and a real estate crisis could further shake confidence, causing people to withhold spending just as the government is trying to promote exactly that. Most analysts now expect China to miss its goal of 5-per-cent growth for 2023, already a modest target.

“We will continue to see weak macro data for the foreseeable future,” he added. “It is a necessary part of the adjustment and is far preferable to resurrecting the debt-fuelled property model that propelled growth previously. But we do need to lower our expectations for China’s growth.”

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