Asian shares were mixed on Tuesday after China's premier announced the country's target for economic growth this year to be around 5%, in line with expectations.
Beijing is set to issue 1 trillion yuan ($139 billion) in long-term bonds to help bridge funding gaps, provide support to financially strapped local governments, and invest in both advanced technology and social support and education.
Hong Kong's benchmark declined while Shanghai edged higher, as reported by Elaine Kurtenbach for the Associated Press (AP).
Li Qiang, addressing the opening meeting of China’s National People’s Congress, also stated that Beijing would issue 1 trillion yuan ($139 billion) in long-term bonds to help bridge funding gaps, provide support to financially strapped local governments, and invest in both advanced technology and social support and education.
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The initial reaction to Li’s address and the annual budget report, also issued Tuesday, appeared tepid. Hong Kong’s Hang Seng index lost 2% to 16,272.77, while the Shanghai Composite index rose 0.3% to 3,047.20.
Japan’s Nikkei 225 index gained 0.3%, pushing beyond its latest record close, to 40,212.45.
In Seoul, the Kospi sank 0.6% to 2,658.78, while Australia’s S&P/ASX 200 edged 0.1% lower to 7,730.60. India’s Sensex declined 0.3%, while Taiwan’s Taiex gained 0.5%.
On Monday, the S&P 500 slipped 0.1% to 5,130.95, coming off its latest all-time high and its 16th winning week in the last 18. The Dow Jones Industrial Average dipped 0.2% to 38,989.83, and the Nasdaq composite lost 0.4% to 16,207.51.
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