An uneven recovery of Chinese stocks following official measures to halt a three-week sell-off has prompted warnings that government credibility is at stake in the performance of the market.
Economists say that while the direct spillover from the stock market to the real economy is limited, any perceived failure of government moves could dent already slowing confidence in the broader economy.
“With authorities throwing a wide range of unprecedented tools (including pensioners’ funds) at the equity market in order to prop it up, the stakes are now significantly higher,” Andrew Wood, head of Asia country risk at BMI Research, a unit of rating agency Fitch, wrote on Monday.
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