In the news: China reacts to Brexit, issues new online search rules, denies Samsung SDI and LG Chem EV battery certifications and considers lifting caps on foreign carmakers

China promises stability after Brexit vote

Premier Li Keqiang said at the World Economic Forum in Tianjin on Monday that global uncertainties have increased after the U.K.'s vote to leave the European Union, and that China will be able to maintain medium- to high-speed growth rates with room to apply proactive fiscal measures. The country's minister of finance Lou Jiwei said at the Sunday AIIB annual meeting that the real repercussions of Brexit will emerge in the next five to 10 years. NDRC chairman Xu Shaoshi said that the incident will not have a big impact on China's economy and that government departments have contingency plans in place. Tsinghua University professor and former PBOC advisor Li Daokui also weighed in: “China is perhaps one of the least impacted economies in the world by Brexit.” Initial knee-jerk market reactions sent shockwaves around the world, battering currencies and equities. In comparison, the Chinese renminbi's moves—which are restricted by the central bank—have been relatively small, while stocks in Shanghai even surged 1.5% on Monday. The apparent determination of Chinese leaders to limit the Brexit vote's fallout bodes well for Chinese investors looking at British assets, but the long-term risk outlook will probably deter any massive purchases for now.

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