Chinese markets have lifted following a report suggesting that Beijing policymakers are scrambling to mobilise billions of yuan from state-owned enterprises to reverse a recent share rout. On Monday, the Chinese premier, Li Qiang, who handles economic affairs, had called for “forceful and effective measures” on Monday to stabilise the market. More than $6tn has been wiped off the value of Chinese and Hong Kong stocks since a peak in 2021. Some analysts believe that Xi Jinping, China’s leader, does not view the stock markets as a reflection of the success of his long-term economic strategy. “Other people use real money to save their stock markets, we use loudspeakers,” wrote one on Weibo.

Source: The Guardian January 24, 2024 02:06 UTC