Chinese stocks experienced their steepest decline in nearly three decades after Beijing’s latest economic stimulus measures failed to meet market expectations. Following a lackluster announcement by the National Development and Reform Commission (NDRC), investors had hoped for more aggressive policies to bolster the world’s second-largest economy. Instead, officials primarily reiterated previous measures from September, triggering a market selloff.
The NDRC’s Tuesday briefing highlighted the general state of China’s economy but did not provide fresh initiatives. Consequently, stock indices across Asia fell sharply on Wednesday:
• The Shenzhen Composite Index plummeted by 8.2%, marking its worst performance since May 1997.
• Shanghai’s market declined by 6.6%, and the CSI 300 slid by 7.1%.
• Hong Kong’s Hang Seng fell by 1.4%.
Despite these losses, the CSI 300 remains up 7% from last year, bolstered by September’s announcement of “incremental policies” ...
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