Reference News Network reported on April 10 that according to a report by Reuters on April 9, the Shanghai Stock Exchange said that many Chinese securities business institutions have committed to participate in stabilizing the stock market through coordinated efforts. As the market was hit by the escalating trade war, many listed companies announced stock repurchase plans.

The SSE stated on the evening of April 8 that it had convened a meeting with 10 securities firms to emphasize the importance of stabilizing the market when facing external shocks. The participating securities firms, including CITIC Securities, Orient Securities, and Industrial Securities, expressed optimism about China's growth prospects and pledged to promote the healthy and stable development of the capital market.

After Central Huijin Company and other government-supported investment institutions promised to increase stock purchases to stabilize the market, this securities firm conference represented that China is accelerating its actions to try to limit the damage caused by the trade war.

In addition, more than 100 Chinese listed companies have announced stock purchases or repurchases to enhance investors' confidence in the Chinese stock market.

Sany Heavy Industry, an engineering machinery manufacturer, said it repurchased 5 million shares on the open market on the 8th. XCMG Machinery said it planned to repurchase up to RMB 3.6 billion worth of shares.

Guided by China's state-owned asset management institutions, over 20 central SOE-listed companies announced repurchase plans, including energy giants such as China National Petroleum Corporation and Sinopec, as well as energy enterprises like China Shenhua.

A reporter from Agence France-Presse interviewed at a securities hall in Shanghai on April 8. He saw a group of elderly investors gathering here, loudly discussing the stock prices on the electronic display. At this time, China's stock market was gradually recovering from the brutal situation of the previous day.

The SSE Index fell more than 7% on the 7th. On the 8th, a group of retirees sat on orange plastic chairs in front of the display screen, sipping tea from their thermos cups, and enthusiastically discussed this decline.

Jin (surname), a retired worker, told our agency, "It's really frustrating." But he added, "That's how investing in the stock market works."

The Chinese government has taken measures to stabilize the market. The People's Bank of China firmly supports Central Huijin Company in increasing efforts to purchase stock market index funds.

"I saw this news... and then I felt confident, you know. Today is great, the market has stabilized," he said.

The SSE Index rose by 1.58% on the 8th.

An 80-year-old woman named Lu (surname) said that after hearing about the government's measures, she bought some more stocks.

On the 8th, some people stayed from opening to closing, forming a core - also lively - group below the display screen.

These people's ages mean they take a long-term view of current events.

"We've all been through this before, this kind of thing has happened before," said a woman who wished to remain anonymous with disdain.

"We don't care!" her friend interjected.

Wang (surname), a 70-year-old retiree, said that his investments have suffered losses recently, but he isn't too worried. He said, "This won't affect the lives of ordinary Chinese people." He also said he believed Americans would ultimately suffer greater losses due to the trade war.

Another man named Wang (surname) said, "Ordinary investors have confidence in the country."

Retiree Jin (surname) said that if Trump doesn't change course, he expects the market will continue to fall temporarily. But he sees potential opportunities in this situation. "Given this trend, wait until the market falls enough, then look for opportunities to buy back." (Translated by Zhao Feifei)

Exterior view of the Shanghai Stock Exchange located in Pudong New Area (Xinhua News Agency photo)

Original article: https://www.toutiao.com/article/7491560397347095080/

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