Blame for the sell-off of China’s stock market has been levelled at the Sino-US trade war but Beijing’s problems have been evident for some time and run much deeper.
Long before US president Donald Trump imposed billions of dollars in tariffs against China, a steady drip of credit tightening and middling Chinese economic data underpinned the selling, with the tariff rhetoric just amplifying the gloom.
China’s key stock market index, the Shanghai Composite, has now tumbled into bear market territory for the first time in more than two years, falling another 1.1 per cent on Wednesday.
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