On October 30, 2025, the three major stock indexes of A-shares collectively opened lower and experienced a sharp decline in the afternoon, with all 4,000 stocks trading in the green, and the Shanghai Composite Index fell below 4,000 points. Financial experts analyzed that the main reason for this was the outcome of the meeting between the leaders of China and the United States not meeting expectations.
By the closing bell, the Shanghai Composite Index had fallen by 0.73% to 3,986.9 points (previously on October 28, the index had returned to 4,000 points for the first time in a decade); the ChiNext Index fell by 1.87% to 1,461.3 points; the Shenzhen Component Index dropped by 1.16% to 13,532.13 points; and the Growth Enterprise Index declined by 1.84% to 3,263.02 points.
According to Wind statistics, there were 1,238 stocks rising and 4,097 falling in the two markets and the Beijing Stock Exchange, with 102 stocks remaining unchanged.
The combined trading volume of the Shanghai and Shenzhen stock markets reached 2,421.7 billion yuan, an increase of 165.7 billion yuan compared to the previous trading day’s 2,256 billion yuan.
Reports from mainland China media outlets such as Caixin showed that in the early trading session, the Shanghai and Shenzhen stock markets made slight adjustments with mixed gains and losses. However, a sharp decline occurred after 2 p.m. when official Chinese media released a news briefing on the meeting between the leaders of China and the United States. Xi Jinping stated, “The economic and trade teams of the two countries had in-depth exchanges on important economic and trade issues and reached consensus on resolving them.”
Financial blogger and popular Weibo user “Wealth Plus Fun Stocks” commented, “After reading news online, it seems that the outcome of the negotiations fell below market expectations, which likely became the core trigger for asset price fluctuations in the afternoon. The negotiations lasted only 1 hour and 40 minutes, half of the expected duration, with no press conference. After the participants left directly, it was only clarified that accompanying personnel would continue negotiations, with no agreement signing and a lack of substantive achievements.”
This morning, U.S. President Trump held a meeting with Chinese President Xi in Busan, South Korea, at the Gimhae Air Base. The Trump-Xi bilateral meeting lasted for about 1 hour and 40 minutes, after which both leaders departed in their respective vehicles. Members of the U.S. delegation followed Trump with smiles as they left, and Secretary of Commerce Howard Lutnick even gave a thumbs-up.
According to a report by Reuters, Tareck Horchani, Head of Bulk Brokerage Operations at Malaya Bank Securities in Singapore, stated, “The U.S.-China trade truce is likely to be seen as a rebound to alleviate pressure rather than a structural adjustment. When such truces occur, one of the initial areas both sides focus on is agriculture, a politically sensitive area in the U.S. where farmers wield significant political power.”
“In general, this appears more like a tactical pause rather than a strategic breakthrough, with potential tensions in technology, supply chains, rare earths, and other areas still unresolved,” he said.
Dickie Wong, Executive Director of Research at Kingston Securities in Hong Kong, commented, “I believe that there are no significant optimistic expectations for the market or the U.S.-China negotiations at present.”
“There are still issues—will the two countries really release a joint statement after the meeting, will the U.S. lift all tariffs on China, remove technology restrictions, and will China resume rare earth exports? I think the likelihood of this happening is very slim,” Wong remarked.
He noted, “The market has already absorbed most of the positive factors, and there might be a situation of ‘anticipation turning into disappointment’.”