Market Chatter: US Bans Imports from 37 Chinese Firms for Uyghur Abuse Allegations

Chinese stocks dipped on the third trading day of the week as economists forecast slower economic growth in 2025.

The Shanghai Composite Index, the main gauge of Chinese stocks, slid 0.43% or by 13.82 points to 3,227.12. The Shenzhen Component Index declined 1.03% or by 105.04 points to 10,060.13.

China's economic growth is expected to slow to 4.5% in 2025 and wither further to 4.2% in 2026, according to a median forecast of 64 economists polled by Reuters.

The country's gross domestic product is seen to have grown 4.9% in 2024, nearing the 5% target set by Beijing, the report said.

The US has also banned imports from about 37 companies spanning the textile, mining, and solar energy sectors on allegations of abuse against the Uyghur population in western China, Reuters reported Tuesday.

Huafu Fashion and 25 of its subsidiaries were among those targeted due to forced-labor allegations, the report said.

Nasdaq-listed Donghai JA Solar and Hongyuan Green Energy , which sources polysilicon from the Xinjiang Uyghur region, as well as Zijin Mining were also part of the ban, the report said.

Among IPO debutants, Yangzhou Huitong Technology's (SHE:301601) shares closed 302% higher during its first trading day in Shenzhen, while Scantech (Hangzhou) (SHA:688583) closed 199% higher during its debut in Shanghai.

Zijin Mining Group plans to acquire Zangge Mining , according to a Hong Kong Stock Exchange filing on Friday.

Zijin is negotiating with Tibet Zangge Venture Capital Group and its concert party, and Ningbo Meishan Bonded Port Area Xinsha Hongyun Investment Management for the potential acquisition, the Chinese mining company said.

The company's shares rose less than 2% in recent trade.

Zijin's Hong Kong shares jumped less than 4% and Shanghai shares rose less than 2% in recent trade.

Zijin Mining Group plans to acquire Zangge Mining , according to a Hong Kong Stock Exchange filing on Friday.

Zijin is negotiating with Tibet Zangge Venture Capital Group and its concert party, and Ningbo Meishan Bonded Port Area Xinsha Hongyun Investment Management for the potential acquisition, the Chinese mining company said.

The company's shares rose less than 2% in recent trade.

Zijin's Hong Kong shares jumped less than 4% and Shanghai shares rose less than 2% in recent trade.