While thousands of Chinese investors lose their savings in China’s plummeting stock markets, the country’s leaders have remained conspicuously silent.
Chinese president Xi Jinping is in Russia to attend a BRICS summit, and premier Li Keqiang has said only that China has the “confidence and ability” to deal with economic risks. Neither have mentioned the fact that Chinese shares have fallen 30% over the past three weeks. Today, Chinese markets opened lower for a third day in a row, with about half of all listed companies shares suspended. By noon the benchmark Shanghai Composite had risen slightly by 0.4%, thanks perhaps to additional stimulus measures rolled out by the central bank and bank regulator.
The People’s Daily on July 9th, showing Xi in Russia.
Investors were already questioning the government’s ability to rescue the market, now they are growing frustrated with top officials’ silence on the subject. “China is having its biggest stock crash in history…
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