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source from：WSJ
MARKETS ASIA STOCKS
China Shares Fall on Concerns Over Economy
Report in the Communist Party’s mouthpiece stokes worries that China’s economic growth will moderate further
By CHAO DENG
Updated May 9, 2016 4:53 a.m. ET
1 COMMENTS
Stock markets in China fell in Asia on Monday, after the Communist Party’s mouthpiece reported that the nation’s economy is headed for an “L-shaped” recovery, stoking worries among investors that growth in the world’s second-largest economy will moderate further.
The Shanghai Composite Index tumbled 2.8% to finish at 2832.11, near its intraday low, while the Shenzhen Composite Index was off 3.6% at 1804.34.
Traders were taking stock of a report Monday in the People’s Daily, which cited an “authoritative” person as saying that China’s economic growth trend would be “L-shaped” rather than “U-shaped” or “V-shaped.” Such citations in the People’s Daily have frequently been associated with views by top officials and therefore carry extra weight among market participants.
“The report suggests to us that future policy easing may be more cautious and that the government may try to hasten the pace of reforms, thus reinforcing our view that the debt-fueled rebound in investment growth will be short-lived,” Nomura analyst Yang Zhao said in a note.
Investors in China also had their eye on speculation fermenting from last week that regulators may rein in “backdoor” listings. This is the practice of companies expediting their mainland China listings by buying into shell companies, which has been popular among Chinese firms that have delisted from the U.S. market with plans to relist in China.
Citic Guoan Wine and Citic Guoan Information Industry, which have been considered as targets for backdoor listings, plunged 10% and 9.7%, respectively. Both shares had plunged on Friday too, by the 10% daily limit allowed by authorities.
Elsewhere, shares were mixed as investors factored in weaker-than-expected U.S. jobs data issued on Friday and Chinese economic data released over the weekend. Although U.S. nonfarm payrolls data missed expectations, it showed expansion of the labor market and rising wage inflation, bolstering the dollar against the yen.
The Nikkei Stock Average broke a six-day losing streak on a lull in the yen’s rise against the dollar. The Nikkei rose 0.7%, albeit on thin trading volume.
The Hang Seng Index closed up 0.2% and Singapore’s Straits Times Index was up 0.6%. Australia’s S&P/ASX 200 closed up 0.5%, while South Korea’s Kospi ended down 0.5%.
In China, losses add to a relatively volatile streak for the Shanghai Composite Index, which has fallen for four out of the past five weeks. It was down 2.8% on Friday.
Chinese exports fell 1.8% in dollar terms in April from a year earlier, reversing an increase of 11.5% in March. This undershot a median forecast for exports to remain constant in a poll of 15 economists by The Wall Street Journal. .
“[It does] little to suggest that external demand will provide much of a boost to the domestic economy soon,” said Gavin Parry, managing director at Parry International Trading in Hong Kong.
Meanwhile, China’s foreign-exchange reserves rose for the second straight month in April, by 7.09 billion dollars to 3.220 trillion dollars, although economists attributed some of the gains to currency gains from a weaker dollar.
On Monday, the anonymous source in People’s Daily also warned that China shouldn’t support growth by piling on additional leverage. “High leverage will lead to high risk” and “if not well controlled…will lead to systemic financial crisis and negative growth,” the report said.
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