reports they would ban a swathe of the education industry from making profits.
Monday’s rout underscored just how widespread that concern has become. All 10 industry groups in the MSCI China Index posted declines as the gauge sank 5.6%, the most since March 2020. The selloff was all the more striking given MSCI’s All-Country World Index jumped on Friday to within a hair’s breadth of its all-time high. The China gauge dropped another 1.5% at 10:37 a.m. on Tuesday, extending its slide from this year’s peak to 28%. It’s now trading at about 1.
Regulatory risk is nothing new in China, but rarely have global investors had to cope with such an onslaught of rules that threaten to curb growth and in some cases decimate entire business models. Beijing’s surpriseof Jack Ma’s initial public offering of fintech giant Ant Group Co. in November looks increasingly like the high-water mark for an era of relatively loose regulation for the country’s private sector.
Chen said it’s too early to judge whether the Chinese government’s attitude toward the private sector has permanently shifted, noting that authorities have in some ways made it easier for companies and investors to access capital markets in recent years.
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