China stocks open little changed on modest growth target; HK shares fall

SHANGHAI: China’s major stock indexes opened subdued on Monday, after the country kicked off the annual session of its National People’s Congress (NPC) and announced a modest economic growth target of 5%, while Hong Kong shares fell.

** China’s blue-chip CSI 300 opened flat, while the Shanghai Composite Index opened up 0.1%.

** The Hang Seng Index in Hong Kong opened down 0.6%.

** China set a modest target for economic growth this year of around 5% on Sunday, as it kicked off the annual session of its National People’s Congress (NPC), which is poised to implement the biggest government shake-up in a decade.

** As expectations on the GDP growth target were rising in the run-up to the NPC session, so market participants may be slightly disappointed in this official 5.0% target, Nomura said in a note.

China stocks mark best day in nearly three months

** “Overall, we view it as a relatively conservative but pragmatic proposal for delivering a healthy and organic economic recovery from last year’s huge disruptions caused by zero Covid, and we still see no sign of a massive stimulus programme.”