Chinese President Xi discussed plans to further “Open”China, and Chinese stock market ends with a good outcome Tuesday
Tuesday this week, Chinese President Xi Jinping delivered an address from the Boao Forum for Asia, an annual summit that's been dubbed the "Asian Davos,” reported by FuninUSA.
Xi's address comes amid escalating trade tensions between China and the US as the world's two largest economies take turns announcing punitive trade measures against each other. (Details on Chinese and US measures are reported in previous FuninUSA news)
There’re basically several points that Xi was trying to emphasize during his speech:
1)China does not seek trade surplus and will "work hard" to import products that are required by the population.
2) Xi sold a vision of China as a benevolent leader of the global economy, emphasizing that open systems are the best course of action for the world.
3) Xi downplayed any geopolitical ambitions China may have beyond its shores regarding the Belt and Road Initiative. (Belt and Road Initiative: an infrastructure and investment program widely seen as an attempt by China to construct a massive, multi-national zone of economic and political influence that has Beijing at its center)
At the end of the Tuesday Chinese stock market, Shanghai composite index rose 1.66% to 3190.32. The market closed at 3138.29 Monday. Among all the sections, medal, bank, household appliance and several sections had the best performance, with the bank section’s net capital inflow of the fund of about 2.162 billion RMB. The news of Xi is obviously a useful catalyst for the general rising of the market after several days of fluctuation.
I personally believe the Chinese stock market will keep on giving a good performance this week.
