Premier Li Qiang hosted the State Council executive meeting and emphasized the importance of further strengthening the market stabilization scheme. Interestingly, the meeting discussed many other social welfare issues. The market stabilization scheme is the odd one out. It shows how important market stability is in government work as the year winds down. Previously, we postulated that, given this year’s growth target is largely within reach, government work would focus on market stability. Today, the national team continued to buy broad-based ETFs to support the market, albeit at a slower pace. It's likely because of the State Council meeting; the team is taking a breather. And many brokers took up the third round of rediscount loan to buy stocks. Many semi names were bid despite an epic selloff rolling around in Asian markets. As such, despite a 5-sigma selloff in the US overnight, the Chinese market remained mostly resilient over the day.

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