Chinese Shares Slide for Third Straight Session; BYD Rises 3% as Production Exceeds 1-Million-Vehicle Mark

MT Newswires Live12-17

Chinese shares continued to slide on Tuesday despite an upgrade in China's 2025 growth forecast as the absence of new stimulus measures and disappointing economic data continued to weigh down on equities.

The Shanghai Composite Index, the main gauge of Chinese stocks, declined 0.7% to 3,361.49. The Shenzhen Component Index fell 0.4% to 10,537.43. Both indices were down for a third straight session.

Moody's Ratings raised its 2025 GDP growth forecast for China to 4.2% from 4.0%, Reuters reported. The upgrade was supported by the ratings agency's expectations of the stabilization of credit conditions and Beijing's stimulus efforts to ease the impact of potential US tariffs.

China reported a 22.4% year-over-year drop in revenue from land sales for the first 11 months of 2024 to 3.263 trillion yuan.

China's banks logged a foreign exchange settlement surplus of $3.5 billion in November. Banks purchased $204.4 billion in foreign exchange and sold $209.9 billion.

In company news, BYD's (SHE:002594) Xi'an plant in Shaanxi province achieved its 2024 production target of 1 million vehicles as of Dec. 13, The Paper reported. Shares of the vehicle maker closed 3% higher Tuesday.

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