Asian shares stepped back on Tuesday after China cut its economic growth target ...
TOKYO - Asian shares stepped back on Tuesday after China cut its economic growth target and pledged measures to support the economy amid growing challenges from rising debt and a dispute over trade and technology with the United States.
China cut its growth target for this year to 6.0 to 6.5 percent, in line with expectations, from around 6.5 percent last year. “Since those funds will be solely used for infrastructure investments, you cannot avoid the impression that the government is relying on investments to support the economy in the short-term rather than de-leveraging. This could cause problems in the longer term.”
The index is now trading at 14.6 times expected earnings, the highest level since early October, when a bear market began globally.
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