Dow Jones Newswires: China pledges to support stock market, economic growth

China said Wednesday that it would keep its stock markets stable and take measures to boost economic growth in the first quarter, according to the state-run Xinhua News Agency.

The government should roll out policies favorable to capital markets while being cautious in introducing contractionary measures, according to the Financial Stability and Development Committee under the State Council, during a meeting chaired by Vice Premier Liu He.

The Chinese government continues to support companies’ listing of shares overseas and has maintained “good communications” with U.S. regulators on Chinese companies’ listings in the U.S., according to the committee. The two sides have been working on a cooperation plan, according to Xinhua.

The committee also said China’s monetary policy should “actively respond” to support the economy and new credit should help maintain “appropriate growth.”

The remarks came as the Chinese economy faces increasing headwinds from a wave of local Covid-19 outbreaks that have led to lockdowns of several economic strongholds, sending stock markets even lower after earlier worries over the Ukraine invasion.

The committee also pledged to keep Hong Kong’s financial markets stable while enhancing regulatory communications and coordination with Hong Kong regulators, according to Xinhua.

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