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Stocks

Chinese market braces for Xi's policy steps following congress

Tackling reforms in earnest could put heavy drag on the economy

YUSHO CHO, Nikkei staff writer | China

SHANGHAI -- Chinese market watchers will focus on economic policy as President Xi Jinping begins his second term as Communist Party leader, amid concerns that addressing the country's environmental problems and industrial overcapacity could hamper growth.

China's benchmark Shanghai Composite Index closed at 3,396 on Wednesday, topping its year-to-date high for the first time in about two weeks. But the stock index rose only 0.26% that day, signaling limited enthusiasm about the new leadership. Overall gains this year remain in the single digits, trailing the Nikkei Stock Average and the Dow Jones Industrial Average.

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