BEIJING | Chinese leaders struggle to dispel stock market gloom
BEIJING— Lu Yushan, a retired salesman, has advice for investors in China’s slumping stock market: Sell.
Lu’s shares soared over the past decade. But the 65-year-old cashed out this year, driven away by plunging prices, insider trading scandals, a cooling economy and a tariff war with Washington.
“Investors should get out,” said Lu, watching flickering prices on a wall-mounted display at a Beijing brokerage. “I am here just for fun and not to make money.”
President Xi Jinping’s government is struggling, with limited success, to dispel such gloom and talk stock prices back up with promises of tax cuts, more bank lending and a media campaign led by its economy czar.