li daxiao: Despite the negative news, the Shanghai Composite Index closed only 0.41 percent lower, while the Shenzhen Component Index lost 0.93 percent, according to Global Times China. It could have been much worse, if it weren't for the solid economic fundamentals, Li Daxiao, chief economist at Shenzhen-based Yingda Securities, told the Global Times on Monday. Though the news of the case of Liu Shiyu, former chairman of the China Securities Regulatory Commission CSRC came at a sensitive time when investors are skittish over an escalating trade war between China and the US, mainland stocks reacted relatively calm to what could have been a serious blow. Right now, there is just too much negative news for investors. Still, the Chinese economy has shown surprisingly strong resilience so far, growing at a better-than-expected rate of 6.4 percent in first quarter. China is locked in a trade and technology battle with the US, while also battling persistent downward pressure at home.
(news.financializer.com). As
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