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Home News

Disappointing Economic Figures from China

by Administrator Forexezy
January 17, 2024
in News
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The latest economic figures from China have left many disappointed, and the future outlook doesn’t appear any better. On Wednesday, stocks of major Chinese companies such as Alibaba, PDD, and JD.com were all on a downward trend.

China’s gross domestic product (GDP) experienced a mere 5.2% expansion in the fourth quarter of 2023. This growth rate, although slightly higher than the Chinese government’s target of approximately 5%, is one of the lowest the country has seen in decades.

Ahead of regular trading hours, American depositary receipts (ADRs) of Alibaba, a Chinese internet company, saw a significant drop of 3.2%. Similarly, ADRs of JD.com were down by 4.6%, and PDD’s ADRs, which is the parent company of Pinduoduo and Temu, experienced a decline of 4.1%.

The downward trend seen in Hong Kong’s stock market also mirrored these changes. The Hang Seng Index closed down by 3.7% on Wednesday, reaching its lowest level in nearly 15 months.

Many investors expected the Chinese government to step in and take measures to restore economic confidence; however, no such action has been taken thus far. Despite Chinese equities being perceived as cheaply valued—Alibaba ADRs, for instance, have a trailing price-to-earnings multiple of 9.6—investors remain hesitant due to regulatory crackdowns, tensions between the United States and China, and sluggish economic growth.

Julius Baer economist Sophie Altermatt stated in a research note on Wednesday that they anticipate the Chinese economy’s sequential growth momentum to stabilize at a subdued level throughout 2024, with annual growth potentially reaching only 4.4% in that year.

It will be interesting to see how China tackles the challenges it currently faces and whether any steps are taken to boost its economic confidence.

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Tags: China's economyGDP growth rateInvestorsstock market
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