China shares slip as soft growth target deflates investor hopes

Markets await more details on stimulus, key government appointments

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China dropping its zero-COVID policy sparked a monthslong rally as foreign investors bet on an economic rebound.  © Reuters

ECHO WONG, Nikkei staff writer

HONG KONG -- Mainland China and Hong Kong shares slipped on Monday after Beijing announced a modest economic growth target for the year and gave few details on stimulus for the hard-hit property market and other key sectors.

The broad declines came after China's annual National People's Congress opened on Sunday with a government report that forecast the world's No. 2 economy will grow by "around 5%" this year after last year's 3% expansion marked one of the weakest annual figures in decades.

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