Chinese leaders struggle to dispel stock market gloom

In this Oct. 31, 2018, photo, Chinese investors monitor stock prices at a brokerage house in Beijing. China's government is trying to dispel stock market gloom and talk prices back up with promises of tax cuts and a media campaign led by its economic czar. (AP Photo/Mark Schiefelbein)
In this Oct. 31, 2018, photo, Chinese investors use computer terminals as they monitor stock prices at a brokerage house in Beijing. China's government is trying to dispel stock market gloom and talk prices back up with promises of tax cuts and a media campaign led by its economic czar. (AP Photo/Mark Schiefelbein)

BEIJING — China's leaders are trying to dispel stock market gloom and talk prices back up with promises of tax cuts and a media campaign led by its economic czar.

The market benchmark plummeted 30 percent from January to mid-October. It has rebounded 5 percent but is the world's worst performer this year.

That's a blow to communist leaders who are trying to shore up economic growth and carry on a tariff war with U.S. President Donald Trump over Beijing's technology policy.

President Xi Jinping's government is struggling to talk stock prices back up with promises of tax cuts, more bank lending and a media campaign led by its economy czar.

China's markets were created to raise money for state industry and prices react more to policy changes than to economic performance.

Must Read

China's electric vehicle industry shaken by...

Sep 13, 2016

China's electric vehicle industry, a flagship for Beijing's technology ambitions, has been rocked...

Global markets mixed after Wall Street loss

Dec 23, 2016

Asian markets are mostly lower while Europe has gained in early trading ahead of the Christmas...

Wham!'s influence felt in China after landmark...

Dec 26, 2016

George Michael's death brought back memories in China of the heady 1980s when Wham! was the first...

China auto market has bumper year but 2017...

Jan 12, 2017

Industry figures show China's auto market had a bumper year in 2016 as sales grew by 15 percent,...

China state media call Trump's Taiwan strategy...

Jan 16, 2017

China's state-run media says President-elect Donald Trump "speaks like a rookie" and called his...

Sign up now!

Advertisement