• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»China Names a New Stock Regulator in a Bid to Soothe Markets
Finance

China Names a New Stock Regulator in a Bid to Soothe Markets

February 8, 2024No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Is China Following Japan’s Economic Trajectory?
Share
Facebook Twitter LinkedIn Pinterest Email

Chinese shares rose Thursday as investors appeared to welcome Beijing’s choice of an industry veteran to head its securities watchdog, in its latest effort to boost confidence in ailing markets.

Wu Qing, a former chair of the Shanghai Stock Exchange with a reputation for being tough on market misbehavior, was named chairman and Communist Party chief of the China Securities Regulatory Commission late Wednesday.

He replaced Yi Huiman, who presided over months of turmoil as share markets slumped, losing trillions of dollars of value.

The official Xinhua News Agency gave no reason for Yi’s departure.

Earlier this week, the CSRC said that it was cracking down on insider trading, market manipulation, and other crimes and would protect small investors. A state investment fund pledged to step up buying of exchange-traded funds and regulators also imposed limits on short-selling.

Chinese stocks still had been trading near five-year lows despite those measures, making buying shares feel “like catching a falling knife,” Ipek Ozkardeskaya of Swissquote said in a commentary.

Investors registered their enthusiasm in online comments, with some saying they expected Wu, whose full name is a homophone for characters meaning “ruthless” in Chinese, to live up to his nickname of “Broker Butcher.”

Markets in Shanghai and Shenzhen have languished, partly because of heavy selling of property shares following a crackdown on excessive borrowing by developers as defaults among dozens of developers undermined confidence in the government’s efforts to revive the economy following the pandemic.

Authorities recently have sought to relieve some of the pressure on the real estate market by freeing up financing that might enable developers to finish projects imperiled by their financial woes.

See also  China leaves benchmark lending rates unchanged as expected

China’s CCTV state television network reported that banks were extending nearly $2.5 billion in loans to 83 real estate projects chosen for support as part of measures to rescue the industry.

The shakeup at the CSRC came during a week that has seen wild swings in share prices and despair among investors who have seen their investments evaporate. China’s leaders may be hoping to turn a new page: Markets are due to be closed for a week beginning Friday for the Lunar New Year holiday, allowing the dust to settle.

Recently, thousands of investors vented their frustrations on the U.S. Embassy’s blog, lamenting about the stock market’s woes in a seemingly unrelated post about protection of giraffes – a tactic reflecting the narrow scope for expression in China’s Communist Party-controlled media environment.

The effort to calm the markets has gained urgency as top officials prepare to gather in Beijing in early March for the annual meeting of the National People’s Congress, a time when the Communist Party showcases its accomplishments and sets new financial targets.

The ruling party has been exhorting state media and others with influence to promote confidence in the markets and the economy, which is forecast to slow further this year from the 5.2 percent official growth rate reported for 2023, one of the lowest in decades apart from the years of the pandemic.

In further evidence of weakness, the government reported Thursday that consumer prices fell 0.8 percent in January from a year earlier, the lowest level since September 2009 amid the global financial crisis.

See also  Sam Bankman-Fried is paying defense lawyers with FTX funds: lawsuit

In a New Year’s address on Thursday, President Xi Jinping urged fellow leaders to “effectively strengthen economic vitality, prevent and resolve risks, improve social expectations, consolidate and enhance the upward trend of economic recovery, continue to improve people’s well-being, and maintain harmony and stability in the overall social situation.”

Economists say that restoring strong and sustained growth will hinge on reforms needed to make China less reliant on investments in construction and export manufacturing. Prolonged weakness in the property market and share prices has dented consumer confidence, hindering that transition.

Given the selloff in the stock market, “many could be tempted to take their loss and walk away in the slightest recovery. In summary, the road to a sustainable recovery seems far away,” Ozkardeskaya said.

bid China Markets names regulator Soothe stock
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump’s Tariffs Trigger Turmoil In China As Country’s Economic Tailspin Intensifies Per New Data

May 6, 2025

American Manufacturers Overwhelmed With Orders After Trump’s Tariff Crackdown On China

May 5, 2025

Trump Closes Tariff Loophole That Let China Flood America With Knockoff Goods, Drugs

May 2, 2025

China Erupts: Furious Workers Riot As Factories Collapse Under Trump’s Tariffs

May 1, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Michigan Coach Jim Harbaugh Delivers Speech at March for Life

January 20, 2024

5 Ways To Practice The Art Of Living Well

November 19, 2023

Behind North Korea’s Efforts to Monopolize Its Food Supply

April 14, 2023

Chinese Spy Balloon Part of Preparation for ‘Military Conflict’ over Taiwan

February 16, 2023
Don't Miss

Trump Announces First Post-Tariff Trade Deal

Business May 8, 2025

President Donald Trump announced Thursday the U.S. has reached a trade agreement with the U.K.,…

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,626)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Arsenal Transfer News Roundup: Gunners eyeing Ridle Baku; Ferland Mendy to cost £52 million, and more

April 7, 2023

First-quarter S&P 500 earnings seen down 4.8%-Refinitiv

April 15, 2023

Nearly 5 Million Blenders Recalled After Causing Injuries, Fires

December 29, 2023
Popular Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.