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

<p>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.</p><p>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.</p><p>The rising stock markets in both Hong Kong and the Chinese mainland reflect<span style="white-space:pre"> </span> traders’ optimism and confidence in the world’s second largest economy and its special administrative region.</p><p>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.</p><p>It also hit back at western countries’ gross interference in Hong Kong affairs.</p><p>The IMF predicted that China&#39;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.</p><p><span style="color: rgb(191, 191, 191);">(Video by Qiao Wai and Huo Ruixi)</span></p>