Posted 1/23/2024, 5:25:00 PM
China Mulls $222 Billion Market Rescue Plan Amid Economic Struggles After Zero-COVID
- Chinese markets rallied on report that Beijing considering £222bn state rescue plan to buy shares and stabilize market
- Follows sharp declines in Chinese and Hong Kong stocks, with over $6tn wiped off since 2021 peak
- Rescue plan latest in series of measures to try to boost economy as it struggles after lifting zero-Covid
- Beijing reluctant to intervene as much as before, focused more on 'high quality growth'
- Analysts estimate actual 2023 growth much lower than official 5.2%, property sector and local debt among issues