China’s mainland-listed shares experienced a technical 'bear' market on Thursday (October 22), after the country’s benchmark CSI 300 index fell by 20 per cent from its June peak. The index tracks the stocks of the 300 largest listed companies on China’s Shanghai and Shenzhen exchanges, which experienced a sharp decline for 10 consecutive weeks and lost nearly 3 per cent so far this week. On Thursday itself, the index fell more than 1 per cent. The sharp reversal of China's stock market indicates that even an artificial intelligence (AI) boom is unable to keep investors excited for a long period. The sell-off has also extended to Hong Kong-listed Chinese companies, prompting a gauge tracking major stocks in the city to drop nearly 2.9 per cent. The development reflects the growing nervousness hovering over China's economic outlook and technology shares.&nbsp;Also read: <a href="https://www.wionews.com/world/this-time-i-m-not-doing-it-trump-reveals-google-ceo-refused-his-atlantic-ocean-renaming-idea-1792668305153">'This time I’m not doing it': Trump reveals Google CEO refused his Atlantic Ocean renaming idea</a><h3>China's priority remains technological advancement&nbsp;</h3>According to Reuters, Beijing’s October 22 deadline for affluent individuals to declare and pay tax on offshore trust income may have pushed some investors to sell shares to raise cash. Julius Baer economist Sophie Altermatt was quoted as saying the government’s priority remains on technological advancement, industrial upgrading and greater self-sufficiency rather than short-term growth stimulus. Market participants cited in the report also pointed to tighter tax policies as an additional drag on equities in the near term. Compounding the pressure, China’s economy, the world’s second-largest, grew at its weakest pace in more than three years during the second quarter, weighed down by a prolonged property-sector downturn and persistent softness in consumer spending. Sluggish corporate earnings growth has further unsettled investors.&nbsp;The correction has raised several questions in terms of Chinese equities, asking whether these are getting attractive at lower valuations. However, weaker consumption, fading stimulus expectations and uncertainty related to technology stocks continue to weigh on investor sentiment.

The index tracks the stocks of the 300 largest listed companies on China’s Shanghai and Shenzhen exchanges, which experienced a sharp decline for 10 consecutive weeks and lost nearly 3 per cent so far this week.

China’s mainland-listed shares experienced a technical 'bear' market on Thursday (October 22), after the country’s benchmark CSI 300 index fell by 20 per cent from its June peak. The index tracks the stocks of the 300 largest listed companies on China’s Shanghai and Shenzhen exchanges, which experienced a sharp decline for 10 consecutive weeks and lost nearly 3 per cent so far this week. On Thursday itself, the index fell more than 1 per cent. The sharp reversal of China's stock market indicates that even an artificial intelligence (AI) boom is unable to keep investors excited for a long period. The sell-off has also extended to Hong Kong-listed Chinese companies, prompting a gauge tracking major stocks in the city to drop nearly 2.9 per cent. The development reflects the growing nervousness hovering over China's economic outlook and technology shares. Also read: 'This time I’m not doing it': Trump reveals Google CEO refused his Atlantic Ocean renaming idea China's priority remains technological advancement According to Reuters, Beijing’s October 22 deadline for affluent individuals to declare and pay tax on offshore trust income may have pushed some investors to sell shares to raise cash. Julius Baer economist Sophie Altermatt was quoted as saying the government’s priority remains on technological advancement, industrial upgrading and greater self-sufficiency rather than short-term growth stimulus. Market participants cited in the report also pointed to tighter tax policies as an additional drag on equities in the near term. Compounding the pressure, China’s economy, the world’s second-largest, grew at its weakest pace in more than three years during the second quarter, weighed down by a prolonged property-sector downturn and persistent softness in consumer spending. Sluggish corporate earnings growth has further unsettled investors. The correction has raised several questions in terms of Chinese equities, asking whether these are getting attractive at lower valuations. However, weaker consumption, fading stimulus expectations and uncertainty related to technology stocks continue to weigh on investor sentiment.

The index tracks the stocks of the 300 largest listed companies on China’s Shanghai and Shenzhen exchanges, which experienced a sharp decline for 10 consecutive weeks and lost nearly 3 per cent so far this week.

China's stock market plunges 20% from June peak, CSI 300 index enters 'bear' market

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China's stock market plunges 20% from June peak, CSI 300 index enters 'bear' market