Xi Jinping, general secretary of the Communist Party of China, was unanimously elected president of the country and chairman of the Central Military Commission at the National People’s Congress held on the 10th, officially opening the era of his third “Trinity” (General Secretary, President of the State, and Chairman of the Military Commission). However, on the 10th, the mainland stock exchange market did not set off a celebratory market. Instead, the Shanghai and Shenzhen stock markets opened lower, and eventually both fell by more than 1% to close.
U.S. stocks recorded their worst single-day performance in two weeks on the 9th, driving most Asian stock markets to open significantly lower on the 10th. As of 15:00 in the afternoon, the mainland stock market closed, the Shanghai Composite Index and the Shenzhen Composite Index fell by 1.4% and 1.19% respectively. Both fell more than 1%, and Hong Kong’s Hang Seng Index fell more than 3%.
Although the onshore and offshore renminbi fluctuated slightly on the 10th and tended to depreciate, the range was not large. The quotation remained in the range of 6.96 to 6.98, and the trend was relatively calm.
Xi Jinping started his third term as the president of the country. The Wall Street Journal believes that Xi Jinping is trying to show his status as a global statesman again, leading China at a time of increasingly fierce competition between China and the United States, but will strictly guard against the United States.
Regarding the market of the two sessions of the mainland stock market, Meng Lei, a China strategist at UBS Securities, previously analyzed and summarized the performance of A shares before, during and after the two sessions in the past ten years. During the two sessions this year, there were many discussions on issues such as the digital economy, state-owned enterprise reform, and consumption expansion. These sectors, which are expected to benefit from policies, are particularly worth looking forward to after the two sessions.
Regarding the market outlook of the mainland stock market, China Merchants Securities believes that under the background of policy support and economic recovery, the market in 2023 is worth looking forward to, but after the continuous rebound from the beginning of the year to the present, we should beware of short-term market shocks.
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