China Eastern, Japan Airlines team up to tap Chinese tourism boom

China Eastern, Japan Airlines team up to tap Chinese tourism boom

Markets ahead of it include Hong Kong ($5.35 trillion), the United Kingdom ($3.7 trillion), France ($2.57 trillion), Germany ($2.35 trillion) and Canada ($2.23 trillion).

According to the data compiled by Bloomberg, China's equities stood at $ 6.09 trillion in contrast to Japan's tally of $6.17 trillion.

This is unedited, unformatted feed from the Press Trust of India wire. That compares with $6.17 trillion in Japan.

On the eve of the Chinese stock index Shanghai Composite fell 2%, the Shenzhen Composite is 2.4%. While the USA remained the world's largest stock market, China slipped to the third spot, losing its position to Japan.

China΄s stock market has been overtaken as the world΄s second biggest by Japan, having been hit this year by the threat of an ever-growing trade war with America and slowing economic growth. Industrial and tech stocks have been among China's worst performers, with those subgauges on the CSI 300 Index of large caps sliding more than 20 percent this year.

China's politburo, a body of 25 senior most leaders of the Communist Party, issued a communiqué asking policy-makers to focus on reviving economic growth amid trade standoff and the debt crisis.

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The Shanghai Composite index was up less than 0.1 percent at 2,770.14.

"The market will likely continue to hover at low levels for the next couple of months", said Linus Yip, Hong Kong-based strategist with First Shanghai Securities.

Policy makers have said that they would remove limits to encourage investment in industries from banking to agriculture but the foreign ownership of equities and bonds are still low.

While Japan's benchmark Topix index has declined about 4% this year, it remains one of the better-performing markets in Asia amid support from the Bank of Japan's exchange-traded fund purchases and as most companies continue to report robust earnings growth. Nearly 60 percent of firms on the gauge that have reported in the current earnings season have beat analyst expectations. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2% from the central parity rate each trading day.

15 June the U.S. government announced the introduction of a 25 percent duty on Chinese goods for a total amount of $ 50 billion. the Decision was made "in light of the theft by China of intellectual property and technology, as well as other unfair trade practices", reads the statement by President Donald trump.

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