Beijing has announced new measures to boost its sluggish economy amid decreasing domestic demand and rising tariffs on exports. However, the market performance following a recent press conference held by its top economic body was disappointing.
China’s National Development and Reform Commission (NDRC) held a press conference on Oct. 8 to promote its “comprehensive implementation of incremental policies.”
On that day, the Hong Kong stock market plunged over 2,300 points, and the mainland stock markets opened higher but quickly lost momentum.
Coincidentally, the World Bank issued a report on the same day stating that while China’s growth benefitted neighboring countries for the past three decades, its “slowing growth” has now become one of the major factors “that are likely to affect regional growth.”
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