China stocks open lower; investors await policy goals from parliament meeting

Chinese stocks opened lower on Tuesday, after the country set an expected 5% growth target for 2024, with investors eagerly waiting on more policy details set to be announced during the rubber-stamp parliament meeting this week.

Chinese stocks opened lower on Tuesday, after the country set an expected 5% growth target for 2024, with investors eagerly waiting on more policy details set to be announced during the rubber-stamp parliament meeting this week. China has set an economic growth target for 2024 of around 5%, similar to last year's goal and in line with analysts' expectations, according to an official work report released on Tuesday.

China's blue-chip CSI 300 Index was down 0.5%, and Hong Kong's Hang Seng benchmark fell 1.5% at the market open. The National People's Congress (NPC), China's rubber-stamp parliament, is due to hear Premier Li Qiang's maiden work report at its annual meeting in Beijing this week.

"The 5% GDP growth target was in line with expectations," said Lynn Song, ING chief China economist. "Achieving this target will likely require more supportive policies to be released throughout the year."

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