Asian shares stepped back on Tuesday after China cut its economic growth target and pledged measures to support the economy amid growing ...
TOKYO: Asian shares stepped back on Tuesday after China cut its economic growth target and pledged measures to support the economy amid growing challenges from rising debt and a dispute over trade and technology with the United States.
Premier Li Keqiang also said the country sees a budget deficit of 2.8 percent of GDP and the Finance Ministry set the quota for local government's special bond issues at 2.15 trillion yuan, 0.8 trillion yuan above last year's quota. "Since those funds will be solely used for infrastructure investments, you cannot avoid the impression that the government is relying on investments to support the economy in the short-term rather than de-leveraging. This could cause problems in the longer term."Wall Street's major indexes fell on Monday, with the Dow Jones Industrial Average shedding 0.79 percent and the S&P 500 losing 0.39 percent.
Thus a media report on Monday that U.S. President Donald Trump and Chinese President Xi Jinping could reach a formal trade deal at a summit around March 27 prompted profit-taking rather than follow-through buying.
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