Since January 2024, the Hong Kong Chinese stock market has risen by 30%, surprising economists who view this as inconsistent with Western economic fundamentals. However, the broader Chinese stock market is experiencing significant declines. The Beijing Stock Exchange 50 Index closed at 52-week lows, and the CSI 300 has fallen by 41.3% from its peak in 2021. The Shanghai Composite Index fell for the third straight day, hitting a new low since February 2021, with a total trading volume below 600 billion yuan for the fourth consecutive day. The Shenzhen Component Index also fell by 1.54%, and 91.5% of stocks are decliners. The SHCOMP is down 0.9%, indicating a less active market. Investors remain cautious ahead of a key meeting by Xi Jinping and his top leaders, contributing to the market's downturn. The Shanghai Real Estate Index, dominated by state-owned enterprises, is down 20% from May 2022, showing a bear flag pattern in a downtrend.