Chinese stocks are falling on Wednesday as investors react to the news that China is sticking to its Zero Covid policy.
This policy has been incredibly damaging to the Chinese economy, which explains why news of it continuing has Chinese stocks falling today. Chinese President Xi Jinping doesn’t have any plans to end it and is likely to end up leading the country for a third term.
Also not helping matters is talk of China using force to bring Taiwan under its control. President Xi suggested as much when speaking to the members of the Communist Party at their 20th National Congress. He also made mention of the “complete reunification of our country.”
How This is Affecting Chinese Stocks Today
Several shares of Chinese companies aren’t doing so well following the Communist Party congress. The prospect of ongoing economic turmoil, whether it be from lockdowns or war, isn’t sitting well with investors today. Let’s break that down real quick.
- JD (NASDAQ:JD) stock starts us off as the company’s shares fall 6.8% as of Wednesday afternoon.
- Baidu (NASDAQ:BIDU) shares are next on our list with the company’s stock taking a 5.8% beating as of this writing.
- IQIYI (NASDAQ:IQ) stock is another dealing with today’s news as the company’s shares slipped 7.9% this afternoon.
- Pinduoduo (NASDAQ:PDD) shares close out our Chinese stocks falling today with a 3.8% decline.
Investors looking for more of the latest stock market news will want to stick around!
We’re offering up all of the hottest stock market coverage for Wednesday! Among that is what has shares of ASML Holding (NASDAQ:ASML) and Establishment Labs (NASDAQ:ESTA) stocks moving, as well as new tax brackets for 2023. You can read up on all of that news at the following links!
More Wednesday Stock Market News
- ASML Stock Rises on Hopes of Shaking Off Chip Ban Woes
- Establishment Labs (ESTA) Stock Falls 12% on Hindenburg Short Report
- What Are the New IRS Tax Brackets for 2023?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.