Asian stocks weakened after minutes of a Federal Reserve meeting signaled bond purchases may be cut sooner than expected, erasing earlier gains made after China outlined its broadest economic reforms since the 1990s.
China’s planned economic reforms are poised to reshape the competitive landscape, allowing private companies such as Alibaba Group Holding Ltd. to compete with state-owned banks and easing the one-child policy to bolster demand for products from Nestle SA to General Motors Co.
The world appeared to change on Nov. 15, the day bold and epochal reforms were unveiled that promised to overhaul one of the world’s biggest economies. Analysts, investors and historians alike rejoiced at the audacity of the plan.
Jonathan Lu’s first job after college wasn’t what he’d envisioned -- stuck at the reception desk at a Holiday Inn in Guangzhou, China. He had forgotten to fill out a page of his university entrance exam and instead of architecture school, he ended up in a hotel management program.
Call it policy presentation with Chinese characteristics. After the meeting of its leadership last week, China’s Communist Party issued a muddled communique that aroused no great excitement. Then, on the weekend, well ahead of the usual schedule for such announcements, the party released a longer follow-up statement worth getting excited about.
Hong Kong stocks gained amid heavy volume, with gauge of Chinese shares listed in the city capping the biggest one-day gain since 2011, after China outlined sweeping reforms. Shares of insurers to baby products surged.