Chinese stock market continues to fall Hu Xijin: Sad about the performance of the stock market
22.01.2024
China’s stock market remained sluggish on Monday, leaving investors feeling distraught. Hu Xijin, the former editor-in-chief of the Global Times, said he lost money and was “sad about today’s stock market performance.” Unlike the decline in the Chinese stock market, both U.S. and Japanese stocks showed an upward trend. Chinese Prime Minister Li Qiang stressed the need to maintain market confidence.
(Deutsche Welle Chinese website) On Monday (January 22), China’s stock market continued to fall. According to the Wall Street Journal, China’s CSI 300 Index fell 1.6% and closed at its lowest point in the past five years. Hong Kong’s Hang Seng Index fell 2.3% and is now close to its lowest closing level since 2009.
China’s stock market will be sluggish at the beginning of 2024. Last Thursday (January 18), China’s stock market fell to its lowest level in the past five years, with the Shanghai Composite Index falling below 2,800 points. Reuters analyzed the reasons and stated that,China’s economic recovery is weakthe prospects for stimulus policies are limited, causing investors to stay away from risk assets.
The decline of the stock market has left many investors in mourning, including the former editor-in-chief of the Global Times who announced in a high profile last year that he would enter the Chinese stock market.Hu Xijin. “Lao Hu is sad about today’s stock market performance,” he wrote on Weibo. He said in another Weibo: “Lao Hu sent other messages, and the comments below are all about the stock market, which shows how much the stock market crash has shaken investors. In addition, the impact of the stock market’s continuous decline has exceeded the capital market. The impact on confidence in the entire economy and comprehensive social confidence is also negative. I personally believe that this is already an urgent item to prevent financial risks and boost social confidence.”
A large number of netizens left messages on his Weibo. One person said, “You are the only big V whose comments on the stock market will not be banned. Thank you for reflecting everyone’s voices.” Others said: “Why are we the only one in the world that has fallen? This is the key point.” Unlike China’s plummeting stock market, Japan’s stock market is soaring. According to Kyodo News, on January 22, the Nikkei Index hit an intraday high in early trading in about 34 years since February 1990 during the bubble economy period. At one time, it rose more than 500 points from last Friday’s closing price, rising above the 36,000-point mark. The Tokyo stock market continued the upward trend of U.S. stocks last Friday (January 19), showing a general rise pattern.
Economic Perspective | 16.01.2024
Chinese Premier Li Qiang issued a statement on Monday to maintain market confidence. He chaired an executive meeting of the State Council that day. According to the Chinese government website, the meeting emphasized enhancing the inherent stability of the market. We must take more powerful and effective measures to stabilize the market and confidence. It is necessary to enhance the consistency of macro policy orientations, strengthen innovation and coordination of policy tools, consolidate and enhance the positive economic recovery, and promote the stable and healthy development of the capital market.
(comprehensive report)
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2024-01-23 11:47:09
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