Chinese stocks traded lower after a highly anticipated meeting between United States President Joe Biden and Chinese President Xi Jinping yielded limited progress on key issues between the world’s two largest economies.
Outcomes from the meeting included agreements to resume military-to-military communications, open a presidential hotline, and curb the production of illicit fentanyl.
This wasn’t enough to impress markets, with the blue-chip CSI 300 Index closing down 1% and the Shanghai Composite Index finishing 0.7% lower.
United States-listed shares of Chinese companies also traded lower on Thursday.
Electric vehicle makers NIO Inc (NYSE:NIO) and Xpeng Inc (NYSE:XPEV) were down 9.6% and 7.4%, e-commerce companies Alibaba Group (NYSE:BABA) and JD.com Inc (NASDAQ:JD) shed 9.3% and 3.4%, multimedia conglomerate Tencent Holdings (HKG:0700, OTC:TCEHY) was down 4.4%, and internet services provider Baidu.com (NASDAQ:BIDU) traded 3.8% lower at noon.
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