The world economy has been put on red alert as China’s stocks have lost nearly $1 trillion in value in 2023 – and it’s believed there is still worse to come.
Chinese stocks listed on foreign markets have lost a total of $955 billion in value since the start of the year, South China Morning Post reports, thanks in part to its property market mayhem.
Stocks in some of China’s biggest firms, such as Alibaba, have fallen anywhere between 10 to 52 per cent – numbers that have sent shockwaves through the Beijing elite.
Market traders also told South China Morning Post that clients were increasingly fearful of investing money in China as its markets and economy look shaky.
One major investor said: “It is nearly impossible to sell anyone China exposure this year.”