Hopes earlier in the year that the Chinese authorities would both relax monetary conditions and announce another round of stimulus to offset the cyclical slowdown, and that both actions would galvanise the stock market, have all but faded.
Despite improving headline inflation numbers, successive interest rate cuts, a reduction in bank reserve requirements and administrative measures aimed at encouraging investors back to the stock market, investor sentiment remains depressed.
The latest round of earnings reported for Chinese listed companies has confirmed a downturn in profitability, with net income down around 2.5 per cent on average.
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