Incorrect speculation over the arrest of Jack Ma, the co-founder of e-commerce giant Alibaba, shows how fragile market sentiment has become in China
Save time by listening to our audio articles as you multitaskThe incident shows how fragile market sentiment has become in China. Beijing’s unpredictable, often-shocking policy swerves in recent years have made it all the more conceivable that the country’s most prominent entrepreneur could suddenly be accused of attempting to “split the country and subvert the state”.
Much of the darkening sentiment has been focused on Mr Xi’s covid strategy. Closing down Shanghai, China’s business and financial hub, seemed unimaginable only a few months ago. But the city of 25m has undergone a strict lockdown since April 1st. Flare-ups of covid in Beijing and other cities have prompted targeted lockdowns. A regime of testing for the virus is quickly becoming part of everyday life.
Markets have reflected the gloomy sentiment. The Shanghai Composite Index is down by about 7% in a month. It dipped below 3,000 points in late April, a threshold it had not gone under since July 2020. Investors have dumped yuan-denominated securities at a record pace .
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