*CHINA TECH STOCKS TUMBLE AS XI APPOINTMENTS FAN ECONOMIC FEARS - 🇨🇳🇨🇳
) Ltd both plunged 11%, dragging the Hang Seng Tech Index down 9.7% to a record low. Hong Kong-listed Chinese developers also plummeted 10.8% to record lows.
International investors are"getting into the capitulation phase" where they"just don't want to have the exposure", said Andrew McCaffery, Fidelity International's global chief investment officer, asset management. Xi secured a precedent-breaking third term following the week-long congress, and introduced the new Politburo Standing Committee stacked with loyalists.
"The message here is clear: COVID Zero lockdowns, shared prosperity agenda and sectorial crackdowns are not going anywhere," he said, adding that he believed these risks would limit China's annual economic growth to 2-3%.
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