China’s stock market meltdown

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China could be heading towards the biggest financial disaster since the 1929 Wall Street crash after shares on its stock markets nosedived, dropping by around 30 percent in less than a month.

More than $3.2 trillion has been wiped out in three weeks – an amount more than 10 times the size of the entire Greek economy.

The Chinese government has been scrambling to avert a crisis and has issued an emergency response to keep the flagging economy going.

Andrew Kenningham, a senior global economist at Capital Economics, told Counting the Cost that unlike Greece, which has dominated headlines this week, China was not facing a debt crisis but was dealing with a major stock market bubble and correction.

AJ

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Posted on July 14, 2015, in Sri Lanka. Bookmark the permalink. Comments Off on China’s stock market meltdown.

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