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Chinese Stocks Edge Lower as Traders Weigh Liu He’s Support Vow

  • Liu He vowed to back China tech companies after crackdown
  • Automakers offer support after report on EV subsidy extension
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China Tech Stocks Slide as Liu He’s Pledges Underwhelm
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Chinese stocks closed lower after rallying in the previous session as traders assessed fresh support pledges from Vice Premier Liu He for the battered tech sector. 

The Hang Seng Tech Index pared earlier declines to end 0.3% lower in Hong Kong. The benchmark Hang Seng Index eked out gains, while China’s CSI 300 Index trimmed losses to 0.4%. Automakers were among the biggest gainers on the two gauges following a report that Chinese government departments are in talks with firms about extending subsidies for electric vehicles.