(MENAFN- Asia Times) (From China Daily)
China stocks fell sharply again on Monday reaching eight-month lows as investors saw hopes for a strong economic recovery fade and worried about fresh regulatory curbs on speculation.
Following the market’s nearly 3 percent slump on Friday China’s blue-chip CSI300 index fell 2.1 percent to 3065.62 while the Shanghai Composite Index lost 2.8 percent to 2832.11points.
China April trade data released on Sunday doused investor hopes of a sustainable economic recovery with both exports and imports falling more than expected.
Recovery hopes were further dimmed by an article on Monday in the official People’s Daily. It cited an “authoritative source” saying China’s economic trend will be “L-shaped” rather than”U-shaped” and definitely not “V-shaped” but the government will not use excessive investment or rapid credit expansion to stimulate growth. Read more
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