China Markets Start 2023 With a Bang as Policy Shift Hastens
- Developers, tech shares lead broad China rally in two days
- Yuan, property bonds also rise on market-friendly policy moves
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Chinese shares are off to a strong start in 2023, putting behind a dismal year as fears of isolationist policies give way to signs of an economic powerhouse turning friendlier to both the outside world and its own entrepreneurs.
The MSCI China Index has risen 5.8% since trading resumed on Tuesday, marking the best start to any year since 2009, after losing nearly 24% in 2022. Top gainers included property developers and technology firms. The Nasdaq Golden Dragon China Index surged 13% in the same period, making it the best start on record.