Market News

China's weak economic recovery continues to worry U.S. investors - YAHOO FINANCE

MAY 31, 2023

Yahoo Finance Live's Rachelle Akuffo discusses China's economy amid the country's COVID recovery, as well as Elon Musk and Jamie Dimon visiting China this week.

Video Transcript

RACHELLE AKUFFO: But while Asia's indexes are trading slightly higher this morning, China's economy appears to be stalling as investors concerns mount over the country's coronavirus recovery.

Chinese stocks and Hong Kong are flirting in bear market territory on Tuesday. The weakening Yuan and growing geopolitical tensions are keeping investors away from trading overseas. The Hang Seng China enterprises index, one of the most followed Asian indexes, is more than 6% this year. Industrials production and property sales also contributing to the country's slowing growth as well.

But despite China's weakening recovery and rising geopolitical tensions, business elites are flocking to the world's second biggest economy. Elon Musk arrived in China Tuesday morning to visit Tesla's Shanghai plant and meet with government officials on the country's electric vehicle industry.

And Jamie Dimon is set to arrive in China on Wednesday for JP Morgan's China summit. Now, where the CEO will weigh in on the bank's business outlook. So lots to watch there as well.


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