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Hong Kong and China shares fall after leaders double down on 'zero-COVID' policy

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INTERNATIONAL: Hong Kong and mainland China stocks fell on Friday (May 6), tracking a slump in global equity markets on inflation fears, after the country's top leaders said they would stick with the dynamic "zero-COVID" policy, stoking worries of a further economic downturn.

Hong Kong's benchmark Hang Seng index dropped 3.81 percent to 20 001,96 points by the end of trading, while the CSI300 index fell 2.53 percent to 3,908.82 points.

China will fight any comments and actions that distort, doubt or deny the country's COVID-19 response policy, state television reported on Thursday 5th May, after a meeting of the country's highest decision-making body.

The controversial "zero-COVID" policy, which economists say is very hard to be balanced with economic growth, has placed residents in the financial and commercial hub of Shanghai under a more than one-month lockdown, disrupting supply chains and business operations.

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