Chinese stock markets show resilience, buck a global downturn in equity prices

Stock markets in China proved resilient on Wednesday amid losses in other global markets, as the Chinese government restated its stance against tariffs and said Sino-US trade disputes should be settled by dialogue.

The benchmark Shanghai Composite Index jumped 1.31 percent on Wednesday, and the Shenzhen Component Index rose 1.22 percent. Hong Kong's Hang Seng Index recovered from a 1.55 percent loss in the morning session to end with a gain of 0.68 percent.

Investor focus shifted to China after President Donald Trump tariffs on the nation now totaling 104 percent came into effect. The US escalated its trade wary by slapped an additional 50 percent on imports from China.

After the domestic markets closed, the China State Council Information Office released a white paper stressing that "the Chinese side has always maintained that China-US economic and trade relations are mutually beneficial and win-win in nature."

The 28,000-word document went on to say, "It is crucial to respect each other's core interests and major concerns, and find proper solutions to resolve the issues through dialogue and consultation."

Ministry of Foreign Affairs Spokesman Lin Jian said in a press briefing on Wednesday that the Chinese people's legitimate right to development cannot be deprived, and China's sovereignty, security and development interests cannot be violated.

"We will continue to take resolute and effective measures to safeguard our legitimate rights and interests," Lin said.

China's Ministry of Commerce also said that with firm will and abundant means, China will resolutely take countermeasures and fight till the end if the US insists on further escalating economic and trade restrictive measures.

Some 4,338 companies posted gains on Chinese bourses on Wednesday, with 97 rising to the daily trading ceiling of 10 percent. The gains were led by shares of military-related industries. About 780 stocks fell.

The performance came after down day on Wall Street. The Dow Jones Industrial Average on Tuesday fell 0.84 percent, the S&P 500 sank 1.57 percent, and Nasdaq Composite Index lost 2.15 percent.

Elsewhere in Asian markets on Wednesday, Japan's Nikkei index was down 3.93 percent, and the South Korea Composite Stock Price Index (KOSPI) shed 1.74 percent to enter a technical bear market.