Chinese markets closed mixed on Wednesday as investor sentiment remained cautious over the country's uneven economic recovery. The Shanghai Composite rose 0.44% to close at 4,112, while the Shenzhen Component fell 0.53% to 16,119.
Investor confidence was weighed down by concerns over slowing growth after Goldman Sachs said discussions with Chinese investors reflected increasing caution due to weak consumer confidence, labour market pressures and the continuing property sector downturn. A private survey also showed China's Manufacturing PMI eased slightly to 51.7 in June from 51.8 in May, pointing to a moderation in manufacturing growth.
President Xi Jinping reiterated the government's commitment to promoting high-quality, innovation-led and sustainable economic growth, providing some support to market sentiment.
Among individual stocks, China Merchants Bank gained 1.15%, China Life Insurance surged 9.7%, and Ping An Insurance advanced 3.75%. On the downside, Sungrow Power Supply plunged 13.9% after reports that US regulators are considering restrictions on its imports over national security concerns.
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