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China stocks end nearly flat as trade woes offset stimulus hopes

Wed 23rd January, 2019 7:22am
* Shanghai stocks higher, blue-chip CSI300 index down
    * China to step up fiscal spending this year to support
economy
    * Trump won't soften hardline on China to make deal -
advisers

    SHANGHAI, Jan 23 (Reuters) - China's major stock indexes
ended nearly flat on Wednesday, as hopes of more stimulus
measures to shore up economic growth were offset by worries over
the Sino-U.S. trade dispute. 
    ** The blue-chip CSI300 index  .CSI300  slipped 0.1 percent
to 3,141.05 points, while the Shanghai Composite Index  .SSEC 
inched up 0.1 percent to 2,581.00 points.   
    ** China will step up fiscal spending this year to support
its economy, focusing on further cuts in taxes and fees for
small firms, finance ministry officials said on Wednesday.
 urn:newsml:reuters.com:*:nL3N1ZN2BS 
    ** Mounting pressure on the world's second-biggest economy
pushed growth last year to its lowest since 1990 even as Beijing
stepped up stimulus measures and spurred banks to lend more.
 urn:newsml:reuters.com:*:nL3N1ZL4KV 
    ** Putting a dent on sentiment was a report by the Financial
Times that the Trump administration had rejected an offer from
China for preparatory trade talks this week ahead of high-level
negotiations scheduled for next week.  urn:newsml:reuters.com:*:nS0N1YG02K 
    ** White House economic adviser Larry Kudlow pushed back
against reports that a preliminary trade meeting between U.S.
and Chinese officials was cancelled, saying the story was not
true.  urn:newsml:reuters.com:*:nL1N1ZM1JF 
    ** As much as U.S. President Donald Trump wants to boost
markets through a trade pact with China, he will not soften his
position that Beijing must make real structural reforms,
including how it handles intellectual property, to reach a deal,
advisers say.  urn:newsml:reuters.com:*:nL1N1ZN02M 
    ** Huawei suppliers and Chinese telecom stocks were in
retreat, after United States said it will seek extradition of
the telecoms giant's CFO.  urn:newsml:reuters.com:*:nL3N1ZN1AW  urn:newsml:reuters.com:*:nL1N1ZM12Y   
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 0.07 percent, while Japan's Nikkei
index  .N225  closed down 0.14 percent.
    ** At 07:11 GMT, the yuan  CNY=CFXS  was quoted at 6.7859
per U.S. dollar, 0.32 percent firmer than the previous close of
6.8076.
    ** The largest percentage gainers in the main Shanghai
Composite index were Zhongnongfa Seed Industry Group Co Ltd
 600313.SS , up 10.13 percent, followed by Beijing Dynamic Power
Co Ltd  600405.SS , gaining 10.11 percent and Sichuan Hongda Co
Ltd  600331.SS , up by 10.11 percent.
    ** The largest percentage losers in the Shanghai index were
Xinjiang Winka Times Department Store Co Ltd  603101.SS , down
10 percent, followed by Wintime Energy Co Ltd  600157.SS  losing
9.8 percent and GuangYuYuan Chinese Herbal Medicine Co Ltd
 600771.SS  falling 9.13 percent.
    ** So far this year, the Shanghai stock index is up 3.5
percent and the CSI300 has risen 4.3 percent, while China's
H-share index listed in Hong Kong is up 5 percent.
    ** As of 07:12 GMT, China's A-shares were trading at a
premium of 17.51 percent over the Hong Kong-listed H-shares.

 (Reporting by Shanghai Newsroom; Editing by Rashmi Aich)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))
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