CHINA-ECONOMY: CHINA'S STOCK MARKET SLUMPS BY 15 PERCENT PROMPTING CHINA SECURITIES REGULATORY COMMISSION TO CONVENE AN EMERGENCY MEETING

The Golden Dragon index, which tracks Chinese technology stocks, has fallen by 15 percent this week amid the introduction of private education regulations and fears of further action against tech firms. Chinese stocks are now the worst-performing in Asia. Spooked by the reaction, the China Securities Regulatory Commission convened an emergency meeting on July 28 in an attempt to reassure investment banks. Economist Stephen Roach, a self-described “congenital optimist” on China, said, “China is going after the core of its new entrepreneurial driven economy, and it’s going after their business models.” China’s official Xinhua News Agency said in an article late on July 28 that recent policies targeting internet platforms and after-school tutoring are aimed at protecting online data security and social welfare rather than outright curtailing those industries.





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