BANGKOK — World shares were mixed Wednesday after China pledged more spending to energize its economy.
The aim is to drive more domestic spending and “further cement the recovery momentum of the Chinese economy,” the official Xinhua News Agency quoted Zhu Zhongming, a vice minister of finance as saying. Chinese shares logged moderate gains on Wednesday, with Hong Kong's Hang Seng rising 0.6% to 17,085.33. The Shanghai Composite index added 0.4% to 2,974.11.
Until now, the overall economy has remained remarkably resilient in the face of much higher interest rates. A solid job market and spending by U.S. households has helped keep the economy chugging along. A biotech firm founded by Vivek Ramaswamy turned $15 million into $5 billion by flipping a bowel-disease treatment that Pfizer gave it for free
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