China’s stock exchanges have launched an additional blue-chip equity benchmark, as part of a bid to boost investment in listings deemed strategically important to Beijing.
Investors and analysts said the CSI A50 index, which debuted on Tuesday, was intended to provide an anchor for new investment products that grant greater weightings for sectors such as renewables and semiconductor manufacturing — areas central to policymakers’ vision for economic transition and national security.
The introduction of the new benchmark follows a protracted sell-off for Chinese equities that spurred record outflows of foreign money and left the country’s CSI 300 index of Shanghai- and Shenzhen-listed stocks down more than 11 per cent in 2023 amid disappointing economic growth. By comparison, the S&P 500 rose more than 24 per cent over the same period.