Chinese Stocks Soar After President Xi Jinping’s Remarks

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Chinese stock markets gained ground on Thursday. Investors reacted to comments from Chinese President Xi Jinping. According to the Chinese state news agency Xinhua, Xi stated in a speech that China will meet its economic target for this year and limit the impact of the corona outbreaks.

 

Beijing aims to achieve economic growth of 5.5 percent this year. However, according to many economists, this target is not achievable due to the country’s strict corona policy.

The main index in Shanghai was up 1 percent in the meantime and the Hang Seng index in Hong Kong recorded a gain of 1.7 percent, led by the large Chinese tech companies. The other stock indicators in the Asian region showed a mixed picture. The Kospi in Seoul continued its decline, losing 0.6 percent. In Sydney, the All Ordinaries won 0.4 percent.

Tokyo’s leading Nikkei finished 0.1 percent higher at 26,171.25 points. Tech investor SoftBank and Fast Retailing, the owner of clothing chain Uniqlo, were among the strongest risers with gains of 1.5 percent and 1.7 percent, respectively. Japanese oil company Inpex fell 2.8 percent due to the continued decline in oil prices. Oil prices are under pressure due to speculation about lower demand for oil in the event of a possible recession.

Toshiba added 3.6 percent. According to the Reuters news agency, investors want to offer up to about 22 billion dollars to take the tech group off the stock exchange. Investment companies such as Bain Capital, Blackstone and CVC Capital Partners would consider an offer for Toshiba.

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