Chinese Stocks Are Up Due To Market Rescue Plan
πππChinese stocks are up as the authorities are looking to tap 2 Trillion Yuan (USD 278 billion), mostly via Chinese state owned enterprises to buy shares onshore via Hong Kong Exchange link. This is according to Bloomberg citing sources. The authorities are also planning to use 300 Billion Yuan on local funds to invest in onshore shares.
In other news, China's gaming regulator removed proposed draft rules for online gaming industry from its site. That is good news for Tencent and Netease and their share prices jumped 5.9% and 7.6% respectively today.
Alibaba soared 7% today while $JD.com(JD)$
Chinese EV stocks also soared. $Li Auto(LI)$
I believe that the Chinese and Hong Kong markets have bottomed and it is time to get back into this exciting market. Patience and Time in the markets are required to reap maximum benefits. Investing is a marathon and not a sprint.
China is the second largest economy in the world with a Gross Domestic Product of USD 18 Trillion. Investing in China is a great way for me to diversify my portfolio and gain exposure to one of the world's fastest growing economies.
@Daily_Discussion @TigerStars @MillionaireTiger @CaptainTiger @Tiger_comments @Tiger_Earnings @TigerClub @TigerPicks @Tiger_SG
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Nice