Xi’s Backing Turns State Firms Into China’s Hottest Stock Trade

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Global market indices displayed on a stock ticker in Pudong's Lujiazui Financial District in Shanghai, China, on Monday, Jan. 30, 2023. China's stocks pulled back from the verge of a bull market, with the muted reopening from a week-long Lunar New Year break indicating that traders are waiting on new catalysts. Photographer: Qilai Shen/Bloomberg

Global market indices displayed on a stock ticker in Pudong’s Lujiazui Financial District in Shanghai, China, on Monday, Jan. 30, 2023. China’s stocks pulled back from the verge of a bull market, with the muted reopening from a week-long Lunar New Year break indicating that traders are waiting on new catalysts. Photographer: Qilai Shen/Bloomberg