Chinese Stock Bulls Dealt a Blow as Congress Underwhelms
- Hong Kong, China equity gauges cap worst week since October
- Traders await new premier’s press briefing for policy clues
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For all the hype in the run-up to the National People’s Congress, China stocks bulls were left in the lurch as a terrible week for global markets compounded a selloff spurred by a lack of major policy incentives.
It all began on Monday as a consensus-lagging economic growth target of around 5% announced the previous day dashed expectations for more stimulus. While the key policy meeting brought some good news for state-owned enterprises and software developers, it fell short on big-bang incentives to boost consumption and support the key property sector.