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Holiday rebound propels Chinese stocks to near bull market

2023-01-31 10:12:19       source:Global Times

January 30, 2023

Chinese mainland stocks mounted a remarkable rally on Monday, the first trading day of the year of the Rabbit, with a benchmark surging to a near bull market, despite a pullback later in the session, as market sentiments are evidently buoyed by a better-than-expected travel and spending spree during the Spring Festival holidays. 

Further highlighting the growing optimism for a solid recovery in the world's second-largest economy, overseas capital also continued to pour into the Chinese mainland stock market on Monday, with daily inflows hitting the highest level in over a year and monthly inflows on track for a fresh record.

The forecast-beating travel and consumption rebound as well as what officials call "stable and orderly" epidemic situation during the seven-day Chinese New Year holidays offered not only a resounding rebuttal for certain foreign media's prediction of a "COVID catastrophe" during the holidays, but also more evidence that China's anti-COVID response over the past three years was the most economical and effective, analysts noted. 

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