In the PM session, market continued moving downward. Till market end, no section led the gain. Food & Beverage and Comprehensive Finance led the fall. In total, both markets traded 592.72 billion RMB, down 13.69% dod.
|Open||Close||% Change||(bn yuan)|
|Sector||Top 1||Led by||Top 2||Led by|
|Downward-leading||Food & Beverage||000639||Comprehensive Finance||600599|
*Update: China Ditches GDP Growth Target for 2020
China has abandoned a numerical GDP growth target for 2020, as the economy struggles to recover from the coronavirus crisis. Chinese Premier Li Keqiang announced the change in his annual government work report delivered to the National People’s Congress, the country’s top legislature, during its annual session in Beijing on Friday.
*China Will Supercharge Growth in Money Supply This Year, Premier Says
China will use a variety of monetary tools to accelerate growth of its M2 money supply and aggregate financing this year to “notably higher” rates than in 2019 as the country looks to offset the economic damage from the coronavirus outbreak.
*China Securities Network reported that the “Report on the Implementation of the Central and Local Budgets in 2019 and the Draft Central and Local Budgets in 2020” shows that the central government will inject 50 billion yuan into China National Railway Group and support the issuance of 50 billion yuan in railway construction bonds Capital, increase the construction of coastal main line high-speed rail, intercity railway and high-speed rail projects along the river.
*Finance Associated Press, May 22, according to sources quoted by Nikkei Asia News, Huawei is beginning negotiations with MediaTek and Ziguang Zhanrui on the purchase of more chips. Huawei intends to use both chips as alternative products to maintain its the consumer electronics business continues to operate.
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