Chinese officials pledge to keep currency and property markets stable, and to remain committed to a pro-growth economic strategy.
Chinese policymakers pledged on Wednesday, November 2, that growth was still a priority and they would press on with reforms, helping further boost stock markets buoyed by hopes that Beijing will ease off on its strict COVID-19 measures.ideology could take precedence
“We believe China could soon fine-tune its COVID restrictions, with a more targeted approach, less restrictive quarantine guidance, and the more balanced assessment of the virus,” Morgan Stanley analysts said in a note. In the latest fallout, electric vehicle maker Nio said it suspended production in the eastern city of Hefei amid rising COVID-19 cases and Yum China, operator of the KFC and Pizza Hut chains, said it was temporarily closing or reducing services at over 1,000 of its restaurants in China.
“International investors should read more carefully about the work report that President Xi delivered” at the congress, said Fang Xinghai, vice chairman of the China Securities Regulatory Commission. As foreign funds head for the exits, Chinese investors have been snapping up cheapened shares of mainland firms, betting that outside views of China have been excessively negative.Yi Gang, governor of the People’s Bank of China, said China will continue to deregulate its markets.Apparently seeking to ease worries over the impact of COVID-19 lockdowns and a property market crisis, Yi said “the Chinese economy has remained broadly on track despite some challenges and downward pressure.
While other countries have been tightening policy to battle rising prices, China has implemented an accommodative monetary policy to shore up sputtering growth, raising concerns about capital flight. The yuan has weakened roughly 13% against the dollar this year.
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