Ever since China dismantled its strict Covid-19 controls in December and fully re-emerged from three years of self-imposed isolation, global financial markets have been growing optimistic about the recovery of the world’s second-largest economy.
The hope has been that a rebound in its consumer and business activity could prevent the global economy from tumbling into recession. The benchmark CSI 300 index 000300 , which tracks the performance of the top 300 stocks traded on the Shanghai and Shenzhen stock exchanges, ended nearly flat on Tuesday, while Hong Kong’s Hang Seng Index HSI finished 0.6% lower. Oil CL00 CL.1 CLK23 ended Tuesday’s session only modestly higher as upbeat Chinese economic data provided little support for oil futures amid broader concerns about the global outlook.
“But the recovery has been more muted than initially anticipated, and government targets for ‘around 5%’ disappointed global investors. Officials outlined a recovery plan that was heavily focused on a resurgence of consumer spending,” she wrote in emailed comments on Tuesday. “Markets had expected that perhaps you would see stimulus underpinning a plan for stronger growth. That was not forthcoming with [the government’s] focus on consumer spending,” Krosby told MarketWatch in a follow-up interview on Tuesday.
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