Hong Kong
CNN
—
Tens of hundreds of individuals in China are flocking to the social media account of the US Embassy in Beijing to vent their anger and frustration with the continuing meltdown within the nation’s inventory market.
On Monday, mainland Chinese language markets slumped once more after their worst weeks in years. The Shanghai Composite Index briefly fell greater than 3%, hitting its lowest degree in 5 years. It had pared some losses by midday, however continues to be down 1.8%. Final week, the index fell 6.2%, its largest weekly loss since October 2018.
The Shenzhen Element Index additionally tumbled 2.3% in morning commerce, following a 8.1% slide final week. Greater than 1,700 shares on the Shanghai and Shenzhen markets slumped greater than 10% Monday.
Below a Friday submit by the US Embassy’s Weibo account about defending wild giraffes, many Chinese language individuals complained concerning the inventory market rout and the difficult economic system.
“The US authorities, please assist Chinese language inventory traders,” a person mentioned in a repost of the animal safety article.
“I like America! Please assist Chinese language individuals,” one other person mentioned.
Many posts later gave the impression to be scrubbed by censors, because the authorities intensify their censorship of criticism about China’s stalled economic system.
Traders appeared to have shrugged off Chinese language regulators’ newest pledge to bolster the inventory market. On Sunday, the China Securities Regulatory Fee vowed to stop “irregular fluctuations” within the inventory market and stabilize confidence. But it surely didn’t supply any particulars about how it could achieve this.
Altogether, about $6 trillion in market worth has been worn out from the Chinese language and Hong Kong inventory markets over the previous three years, in response to a CNN calculation based mostly on knowledge from the Shanghai, Shenzhen and Hong Kong exchanges.
A record downturn in its dominant actual property market, excessive youth unemployment, deflation and a quickly falling birthrate are simply among the points ailing the world’s second-largest economic system.