Chinese stocks tumbled more than 7 per cent on Wednesday, snapping a 10-day winning streak on investor fears that Beijing’s stimulus package will not be enough to revive growth in the world’s second-largest economy.
The CSI 300 index of Shanghai- and Shenzhen-listed shares fell 7.1 per cent, closing below the 4,000 mark in a partial reversal of the market’s historic equity rally over the past two weeks.
The fall was sparked by a meeting of Chinese state planners on Tuesday — the first by policymakers after a week-long holiday — in which they provided no details of significant new spending plans to lift the economy. Wednesday’s drop was the biggest one-day decline for Chinese stocks since February 2020.
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