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As Chinese stocks slide, should investors bet on a Beijing bazooka?

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Expectations of fiscal stimulus stoked a market rally that fizzled out this week

Chinese stocks tumbled on Wednesday, curbing a historic rally after an anticipated fiscal stimulus announcement failed to materialise. The benchmark CSI 300 index closed down 7.1 per cent — its biggest one-day fall since February 2020 — as investors grappled with a lack of clarity around Beijing’s stimulus programme to boost economic growth and markets.

Despite the lack of new detail from the NDRC, many observers remain hopeful that more substantive plans will be unveiled in the coming weeks, with attention coalescing around the upcoming finance ministry briefing. The NDRC on Tuesday said it was “co-ordinating with relevant departments to expand effective investment” and “fully implement and accelerate” the steps outlined by the politburo, a tone HSBC analysts said was “constructive”.

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