China Market Update: Proactive Fiscal Policies & “Moderately Loose” Monetary Policy Unleash Hong Kong Buying [Forbes]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Forbes
Bureau of the CPC Central Committee, i.e. the highest echelon of China's government, which was presided over by President Xi. The statement said that the body would “implement more proactive fiscal policies and moderately loosen monetary policies,” which sent the Hong Kong market vertical in the last hour of trading, as all sectors were positive amid very strong buying of Hong Kong stocks by Mainland investors via Southbound Stock Connect. Unfortunately, the Mainland China market was already closed when the statement was released. Using the phrase “moderately loose” to describe monetary policies diverges from the usual term “stable” for the first time since 2011. The statement shatters the notion that China's government is not focused on the economy, the stock market, and housing prices. The emphasis on domestic consumption is key, as many foreign investors have wanted a greater emphasis on this, which we saw today. The statement also de-emphasizes language toward tech and high-end
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