Has Xi Jinping lost control of the markets?
As a property crisis drags the economy into deflation, confidence is seeping away
ThIS YEAR investors in Chinese stocks have been on a hair-raising ride. Even as America’s S&P 500 index reached record highs, markets in China and Hong Kong shed $1.5trn in January alone. Retail investors have taken to Chinese social media to vent their frustration. So brutal was the slump that on February 6th China’s president, Xi Jinping, was reportedly to be briefed; the next day Yi Huiman, the head of China’s securities regulator, was sacked. Prices recovered a little as state firms began buying stocks. In the coming days they may rise further still.
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This article appeared in the Leaders section of the print edition under the headline “Who’s in control?”
From the February 10th 2024 edition
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