Stock market today: Asian shares are mixed as China unveils 5% economic growth target for 2024
Shares are mixed in Asia after China's premier said the country's target for economic growth this year is around 5%, in line with expectations
BEIJING — Shares were mixed Tuesday in Asia after China’s premier said the country’s target for economic growth this year is around 5%, in line with expectations.
Hong Kong’s benchmark fell while Shanghai edged higher.
Li Qiang, addressing the opening meeting of China's National People's Congress, also said Beijing would issue 1 trillion yuan ($139 billion) in long-term bonds to help bridge funding gaps, provide support to financially strapped local governments and invest in both advanced technology and in social support and education.
Li also said China would expand government-subsidized housing, part of a program aimed at reversing a downturn in the property market after a crackdown on excess borrowing caused dozens of developers to default on their debts.
The congress is the year's biggest political event, but its role is mainly to endorse policies set by top leaders of the ruling Communist Party.
Investors have been watching for signs China's leaders would provide more stimulus for the economy, to help spur investment and consumer spending and boost growth. The economy expanded at a 5.2% annual rate last year after growth dipped to 3% in 2022.
The initial reaction to Li's address and the annual budget report, also issued Tuesday, appeared tepid. Hong Kong's Hang Seng index lost 2% to 16,272.77 and the Shanghai Composite index rose 0.3% to 3,047.20.
Japan's Nikkei 225 index gained 0.3%, pushing beyond its latest record close, to 40,212.45.
In Seoul, the Kospi sank 0.6% to 2,658.78, while Australia's S&P/ASX 200 edged 0.1% lower to 7,730.60.
India's Sensex declined 0.3%
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