SHANGHAI: China stocks slipped on Monday, weighed down by weak credit growth data and news of fresh US tariffs even as the finance ministry unveiled a long-awaited schedule for its issuance of 1 trillion yuan of special stimulus bonds.
Hong Kong shares tracked regional markets higher.
New bank lending in China fell more than expected in April from the previous month, while broad credit growth hit a record low, the central bank said on Saturday, raising the prospect of more action to support the economy.
China’s finance ministry said on Monday it will start the long-awaited sales of 1 trillion yuan ($138.23 billion) of long-term treasury bonds that Beijing hopes will help stimulate key sectors of a flagging economy this week.
Also denting sentiment, Chinese new energy vehicles fell 2.2% after Reuters reported that US President Joe Biden is set to announce new China tariffs as soon as this week targeting strategic sectors, including a major hike in levies on electric vehicles (EVs), sources said.
Global stocks neared record highs on Monday, in a week where inflation figures could make or break expectations for earlier US rate cuts.
At the close, the Shanghai Composite index was down 0.21% at 3,148.02.
The blue-chip CSI300 index was down 0.04%, with its financial sector sub-index higher by 0.25%, the consumer staples sector down 1.32%, the real estate index down 1.59% and the healthcare sub-index up 0.16%.
The smaller Shenzhen index ended down 0.95% and the start-up board ChiNext Composite index was weaker by 0.948%.
The Hang Seng index was up 151.38 points or 0.8% at 19,115.06 at close. The Hang Seng China Enterprises index rose 0.64% to 6,761.64.
The sub-index of the Hang Seng tracking energy shares dipped 1%, while the IT sector rose 2.22%, the financial sector ended 0.05% higher and the property sector rose 0.65%.
Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.41%, while Japan’s Nikkei index closed down 0.13%.
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