TRENDING HK stocks surge, reflecting confidence after national security law took effect

TRENDING

HK stocks surge, reflecting confidence after national security law took effect

People's Daily app

19:48, July 07, 2020

On Monday, the Hong Kong Hang Seng Index also jumped 7.8 percent, its best three-day gain since April 2015, defying the pessimistic predictions for the city in the wake of the newly adopted national security law.

The benchmark Shanghai Composite Index soared 5.71 percent on Monday to close at 3,332.88 points, the highest in two and a half years. A similar rise was witnessed in the Shenzhen Component Index.

The rising stock markets in both Hong Kong and the Chinese mainland reflect traders’ optimism and confidence in the world’s second largest economy and its special administrative region.

The strong performance of the stock market has dismissed the unnecessary worries that the new national security law would change Hong Kong’s status as a global trade and financial center.

It also hit back at western countries’ gross interference in Hong Kong affairs.

The IMF predicted that China's economy may expand by one percent this year, and its growth may accelerate to 8.2 percent next year, far ahead of other major economies.

(Video by Qiao Wai and Huo Ruixi)

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