Market Updates
China's Third Plenum Focuses On President Xi Jinping's Vision not Market Measures
Li Chen
17 Jul, 2024
Hong Kong
Stocks in Shanghai and Hong Kong lacked direction as investors awaited the announcements from policymakers at the conclusion of the third plenum on Thursday.
The Hang Seng Index and the CSI 300 index hugged the flatline amid downbeat expectations of new economic reforms and market-supportive measures from policymakers.
The much-delayed third plenum is likely to focus on how to implement President Xi Jinping's vision of modernization, industrial diversification, and reducing reliance on the U.S. and Europe for advanced technology.
Investor sentiment has turned negative as Chinese policymakers are likely to focus on supporting new technological innovation and expanding manufacturing capabilities.
These government initiatives are likely to provide much-needed impetus to expanding China's technological capabilities, but they will also come at the expense of weakening the domestic economy.
The International Monetary Fund revised its annual economic growth outlook to 5% from 4.6%, citing strong exports and a stronger-than-expected rebound in private consumption.
China Stock Movers
The Hang Seng index declined 0.1% to 17,720.0, and the CSI 300 index fell 0.1% to 3,495.64.
JD.com added 2.2% to HK $106.80, Baidu advanced 0.5% to HK $91.60, and Alibaba Group increased 0.8% to HK $76.10.
BYD decreased 1% to HK $238.20, Li Auto jumped 2.3% to HK $80.35, and Xpeng advanced 2.5% to HK $34.40.
ICBC was unchanged at HK $4.38, the Bank of China declined 1.4% to HK $3.43, and China Minsheng was unchanged at HK $2.82.
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