On Wednesday, Chinese stocks posted their biggest drop in four years amid growing investor nervousness, frustrated by the slow pace of Beijing's stimulus measures. The CSI 300 index fell by more than 7%, which negated the growth that occurred on Tuesday after the markets returned from celebrating Golden Week. Despite attempts by the Chinese Ministry of Finance to calm the market with an announced briefing on fiscal policy, selling pressure continued, and the index suffered its first losses in 11 trading days. The index of Chinese stocks traded in Hong Kong declined further, reaching a 10% drop after a bad trading day on Tuesday. Investors, previously inspired by a series of statements from Beijing about supporting the economy, began to lose enthusiasm due to the lack of further serious initiatives. According to analysts, Beijing needs to back up its promises with real measures to increase spending. The stimulus rally is questionable, as the underlying indexes have risen rapidly by more than 30% in a short period. Asset managers warn that the growth has been excessive, given the lack of concrete steps to support the economy. The CSI 300 index posted its sharpest one-day drop since February 2020, while the Hang Seng China Enterprise index fell 1.5%. Investors fear that without strong tax measures aimed at stimulating consumption and supporting real estate, the recent rise in Chinese stocks may turn out to be a temporary surge in euphoria.
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