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Chinese equities' performance dampens 2023 growth outlook
China's authorities will struggle to attract foreign investors to its equities without more economic stimulation. The MSCI China index fell 1.3% further after Friday's closing. Country Gardens Holding, China's biggest developer previously, topped August losses with a 49% decline on concerns it may default on its dollar debt. Global funds have removed roughly $11 billion from the mainland market in a 13-day run through Wednesday, the longest since 2016. After beginning the year well, Morgan Stanley and Goldman Sachs Group lowered their targets on Chinese equities last week.
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