Chinese policymakers pledged on Wednesday 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.
REUTERS
“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. Luxury goods companies Estee Lauder Cos Inc. and Canada Goose Holdings Inc. also cut their full-year forecasts, blaming a hit from persistent COVID-19-related lockdowns and store closures in China.
“There, he re-emphasized the centrality of economic growth in the entire work of the Party and the country, and that’s very significant,” showing China is fully focused on growth, he said. Global interest rate hikes have pressured yuan assets, and it is impossible for China to keep cutting interest rates in the long run, Wang Jun, director at China Chief Economist Forum, told Reuters.
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