SHANGHAI: China stocks were little changed on Wednesday, tracking mixed regional peers on concerns of global rates tightening, while Chinese authorities were bullish about the world’s second largest economy.
** The blue-chip CSI 300 Index and the Shanghai Composite Index both added 0.1% by the midday recess. ** Hong Kong’s Hang Seng Index edged up 0.1% and the Hang Seng China Enterprises Index slipped 0.1%.
** In the broad Asia markets, equities were mixed, as investors grappled with the possibility of another US interest rate hike while waiting on comments from Federal Reserve Chair Jerome Powell for a steer on the policy outlook. Powell speaks on Wednesday and Thursday.
** China is expected to achieve its annual growth target of 5% smoothly, central bank governor Pan Gongsheng said at the Financial Street Forum on Wednesday, state media reported.
** Pan said he would push financial institutions to keep stable financing channels open through property credit and bonds to help address real estate weakness.
** Shares in property developers gained 1.6%, while media firms jumped 3.7%, and computer stocks rose 1.8%.
China stocks close down as global rate concerns weigh
** Meanwhile, shares in securities brokers and mining lost 1% each.
** China’s economic policy shift and the investment opportunities it is creating are drivers for long-term bets in the country by global asset managers, top executives said at a financial summit in Hong Kong on Wednesday.
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