Posted 1/26/2024, 5:34:25 AM
Hong Kong Stocks Sink to 25-Year Low as China's Economy and Crackdowns Take Toll
- Hong Kong's Hang Seng stock index has fallen back to 1997 levels due to increasing control from China and a weak economy
- Investor confidence in Hong Kong has plummeted amid China's economic struggles and crackdowns on businesses
- China's economy grew just 5.2% in 2022, its weakest rate in decades, while its stock markets have lost $6 trillion in value
- Foreign investment in China dropped 8% last year as companies look to other stronger markets like the US and Japan
- Analysts say bold reforms are needed to revive China and Hong Kong's economies but question if Beijing has the room or willingness to act