China focus

The move underscores growing urgency within the government to expand its sources of revenue as land sales tumble and growth slows.

At a much-anticipated briefing on Saturday, Finance Minister Lan Fo’an vowed new steps to support the property sector and hinted at greater government borrowing.

While Finance Minister Lan Fo’an promised more support for the struggling property sector, the briefing didn’t produce a headline dollar figure for fresh fiscal stimulus that the markets had sought.

While Lan fell short of putting a price tag on any additional stimulus — potentially disappointing investors — the measures announced were largely in line with economists’ expectations.

This time, the global impact of China’s stimulus package will hinge on several key factors, including its size and reach.

The benchmark CSI 300 Index slid as much as 7.4%, wiping out its gain of 5.9% amid frenzied trading on Tuesday when mainland markets reopened after the Golden Week holiday.

The country’s benchmark CSI 300 index has risen more than 27% from its Sept 13 trough, supported by a spate of policy-easing measures.

The one-year loan prime rate will stay at 3.35% and the five-year rate remains at 3.85%.

Conventional wisdom has long suggested that the Chinese market is all about digital and online commerce.

Despite food price inflation, China’s deflationary trends continue; corporate revenue growth in 1H2024 falls to 20-year low.