December 7, 2022

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Chinese stocks drop on COVID-19 concerns, concerns about Beijing-Moscow relationship

Chinese stocks drop on COVID-19 concerns, concerns about Beijing-Moscow relationship

Chinese Stocks fell on Monday as the country struggles with its worst COVID-19 Within two years, concerns are growing about Beijing’s close relationship with Moscow.

The Hang Seng China Enterprises Index in Hong Kong closed down 7.15%, while the CSI 300 Index in Shanghai was down 3.01%.

Chinese stocks listed in the US also rose significantly. Alibaba stock fell 10.32%, JD.com closed down 10.52%, and Baidu dove 8.37%.

Residents line up at a temporary nucleic acid test site during a mass testing for COVID-19 in Chaoyang District in Beijing, China, March 14, 2022. (Reuters / Tingshu Wang)

China is dealing with the worst outbreak of COVID-19 since the beginning of the epidemic. On Sunday, officials closed Shenzen, a southern city of about 17.5 million people near Hong Kong that is a vital technology and financial hub.

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Changchun, a city of about nine million people located in northeastern China, was closed on Friday.

Beijing and Shanghai have also closed offices and residential areas where some COVID-19 cases have emerged.

Russian President Vladimir Putin and his Chinese counterpart Xi Jinping pose for a photo during a meeting. (Alexei Druzhinin/TASS via Getty Images)

There are also new concerns about Beijing’s intimate relationship with Moscow after reports emerged on Sunday Russia asked for military assistance From China since Putin invaded Ukraine on February 24.

“The National Security Adviser and our delegation raised our concerns very directly and clearly about the PRC’s support for Russia in the wake of the invasion, and the implications that any such support would have on the PRC’s relationship not only with us, but on its relations around the world,” the spokesperson warned. US State Department Ned Price on Monday.

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Both China and Russia denied the reports, but White House National Security Adviser Jake Sullivan and senior Chinese foreign policy advisor Yang Jiechi met in Rome on Monday so the United States could “very clearly express our concerns,” Price said.

Russia has come under unprecedented sanctions and hundreds of major Western companies have fled the country after Putin’s invasion of Ukraine.

The Associated Press contributed to this report.