AFP, Shanghai :
China’s top economic supremo on Friday led a coordinated drive by top financial officials to shore up confidence in the country’s stock markets and economy, in a rare expression of concern over what one called “abnormal” share price falls.
The intervention by Vice Premier Liu He and heads of the central bank and securities and banking regulators comes amid a bruising stock downturn and the release of data showing a slowdown in economic growth. Liu, who has overall control of economy policy, sought to ease worries about the effects of China’s increasingly bitter trade row with the United States, which has seen both sides exchange tariffs on hundreds of billions of dollars of goods.
He told state-run media that “the psychological impact is greater than the actual impact” and that China’s suddenly more-affordable shares were “creating good investment opportunities”.
Markets have tumbled on concerns over the economy, the China-US trade standoff and an official crackdown on excess debt leveraging in the financial system.
China’s top economic supremo on Friday led a coordinated drive by top financial officials to shore up confidence in the country’s stock markets and economy, in a rare expression of concern over what one called “abnormal” share price falls.
The intervention by Vice Premier Liu He and heads of the central bank and securities and banking regulators comes amid a bruising stock downturn and the release of data showing a slowdown in economic growth. Liu, who has overall control of economy policy, sought to ease worries about the effects of China’s increasingly bitter trade row with the United States, which has seen both sides exchange tariffs on hundreds of billions of dollars of goods.
He told state-run media that “the psychological impact is greater than the actual impact” and that China’s suddenly more-affordable shares were “creating good investment opportunities”.
Markets have tumbled on concerns over the economy, the China-US trade standoff and an official crackdown on excess debt leveraging in the financial system.
