Chinese shares lose momentum

Chinese shares on Tuesday lost momentum as a briefing by the National Development and Reform Commission (NDRC) Chairman Zheng Shanjie announcing $28 billion in support for local governments failed to sustain optimism for further stimulus.

He pledged to quicken fiscal spending, and expressed full confidence in achieving this year’s economic growth and development targets.
Before entering the Golden Week holiday, Chinese stocks had already been on a tear, with Beijing announcing the most aggressive stimulus measures since the pandemic.

Attribution: Reuters

Subediting: M. S. Salama