52051
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Among China’s equity trading community, triumphalism is taking root.
It’s not hard to see why. The Shanghai stock benchmark is the only global gauge of note to post gains in the past month, while others are succumbing to bear markets. Against the S&P 500 Index, the Chinese index is nearing its highest level in almost two years.
Fueling Chinese confidence is a sense that the country is gaining victory over the coronavirus that first spread in Wuhan. President Xi Jinping visited the city in the central Hubei province on Tuesday, a move widely read as a sign that the Communist Party believed the situation was under control. While officials first came under fire for their initial botched handling of the virus, the extreme steps that followed appear to have curbed its spread.
Contrast the top-down approach taken by Beijing with the perceived chaotic response in the U.S. and Europe, where new infections are rocketing. The movements of global equity markets are mirroring the growing panic overseas, with volatility spiking to levels not seen since the global financial crisis and U.S. equities plunging so fast they triggered circuit breakers.
https://finance.yahoo.com/news/mocking-u-bear-market-china-082714581.html
Not say that stock market is that important to China's economy since it is not (in China's case, property market is far more important), but since other memebers love to brag how super well their country is by showing off stock market index numbers, so this is the case.
It’s not hard to see why. The Shanghai stock benchmark is the only global gauge of note to post gains in the past month, while others are succumbing to bear markets. Against the S&P 500 Index, the Chinese index is nearing its highest level in almost two years.
Fueling Chinese confidence is a sense that the country is gaining victory over the coronavirus that first spread in Wuhan. President Xi Jinping visited the city in the central Hubei province on Tuesday, a move widely read as a sign that the Communist Party believed the situation was under control. While officials first came under fire for their initial botched handling of the virus, the extreme steps that followed appear to have curbed its spread.
Contrast the top-down approach taken by Beijing with the perceived chaotic response in the U.S. and Europe, where new infections are rocketing. The movements of global equity markets are mirroring the growing panic overseas, with volatility spiking to levels not seen since the global financial crisis and U.S. equities plunging so fast they triggered circuit breakers.
https://finance.yahoo.com/news/mocking-u-bear-market-china-082714581.html
Not say that stock market is that important to China's economy since it is not (in China's case, property market is far more important), but since other memebers love to brag how super well their country is by showing off stock market index numbers, so this is the case.
