From TipRanks: 2024-04-12 07:48:05

Major Chinese stocks such as Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU), and JD (NASDAQ:JD) plunged as confidence waned in sustaining the country’s financial markets.

China’s exports decreased by 7.5% in March, leading to a contraction in the trade surplus to $58.55 billion. Hopes of offsetting slower domestic demand with international sales were dashed.

China aims for nearly 5% economic growth this year but faced a 1.9% decline in March imports due to weak consumer spending and real estate market troubles.

Competition between the U.S. and China for economic and technological dominance is impacting investor sentiment, with both countries seeking to reduce dependency on each other.

Chinese authorities are working on improving corporate governance to strengthen the financial markets, but investor confidence remains low with stocks like Alibaba and Baidu down double digits.

While potential stock price appreciation is seen in Chinese stocks, NIO (NYSE:NIO) shares have the highest upside potential of 55.2% over the next 12 months according to the TipRanks Stock Comparison tool.



Read more at TipRanks: Top China Stocks Slump Amid Waning Confidence