Asian shares ended mixed Monday on their first day of trade since China’s Premier Li Keqiang reiterated the Chinese government’s target for annual gross domestic product growth of 6.5 percent to 7 percent this year.
The new target is the latest signal that the world’s second-largest economy is slowing down as it shifts its focus to driving domestic consumption rather than pumping out exports. The country saw GDP growth of 6.9 percent in 2015, its lowest rate of growth in 25 years.
The Shanghai SSE rose 0.8 percent to close at 2,897 after climbing as high as 1.3 percent earlier in the day. Hong Kong’s Hang Seng ended basically flat at 20,160. Tokyo’s Nikkei 225 fell 0.6 percent to finish at 16,911.
Global Brands climbed 2.3 percent to end at 0.900 Hong Kong dollars while Chow Tai Fook rose 2.4 percent to finish at 5.07 Hong Kong dollars. Esprit rose 0.97 percent to end at 7.26 Hong Kong dollars.
Fast Retailing rose 0.23 percent to end at 34,490 yen. Shiseido fell 1.6 percent to 2,477 yen. Isetan Mitsukoshi lost 1.5 percent to finish at 1,383 yen.