The KraneShares CSI China Internet ETF (KWEB) plunged 5.05% in pre-market trading on Monday, as U.S.-listed Chinese stocks followed a steep decline in domestic markets amid uncertainty over the government's plans for economic stimulus.
Investors stepped back from Chinese equities after the finance ministry announced on Saturday that it would increase borrowing but provided no details on the timing or size of the stimulus measures. This lack of clarity disappointed some investors who were hoping for more concrete steps to boost the slowing economy.
According to reports, China may raise an additional 6 trillion yuan ($850 billion) over three years to fund fiscal stimulus. However, analysts polled by Reuters expect China's GDP growth to miss the government's target in 2024, expanding by only 4.8%.
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