Asia Markets: Asian markets decline despite China’s bullish growth goal

Shares declined in most Asian markets Tuesday, tracking an overnight sell-off on Wall Street.

But stocks in Shanghai and Shenzhen advanced after the government set an ambitious target for growth this year that implies strong government support for the economy.

The Shanghai Composite index SHCOMP, -0.06% rose 0.1%, while the benchmark in Shenzhen 399106, +0.69% , a smaller, more domestic-oriented market, jumped 0.8%.

Chinese Premier Li Keqiang told the annual session of the country’s rubber-stamp parliament that the government was setting a growth target in a range of 6% to 6.5%. That shows official determination to shore up the cooling economy and prevent politically hazardous job losses and is slightly below last year’s 6.6% growth, a three-decade low.

>>> Original Source <<<