Why did Bilibili stock drop today? China economic slowdown hits shares
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Bilibili (NASDAQ:BILI) shares fell more than 7% on Tuesday after China released several weaker-than-expected economic reports, including second quarter GDP.
Several other Chinese tech stocks also fell on Tuesday amid the weak data, including Alibaba (BABA), Baidu (BIDU), Tencent (OTCPK:TCEHY) and JD.com (JD), among others.
On Monday, China said its second-quarter gross domestic product rose 6.3% year-over-year, well below the 7.3% that economists were expecting. In addition, the country said retail sales rose 3.1% in June, a touch below the 3.2% that economists had anticipated.
An official from China's National Development and Reform Commission said on Tuesday that the country's top economic planner will unveil policies to "restore and expand consumption," according to Reuters.
"Focusing on stabilizing the bulk commodity consumption, improving automobile and electronics consumption as well as optimizing consumption environment, we will introduce a batch of practical and effective policies and improve their implementation as soon as possible," NRDC member Jin Xiandong said at a press conference.
China has struggled to come out of the COVID-19 restrictions it laid on itself last year that several contracted the economy. As such, economists and market watchers are expecting the country to provide additional stimulus to give its economy a shot in the arm.
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