China stocks were mostly unchanged on Wednesday, with liquor giant Kweichow Moutai seeing gains. However, caution remained due to data showing a rocky recovery in the Chinese economy. Hong Kong shares also traded cautiously ahead of the US Federal Reserve’s monetary policy decision. The CSI 300 Index and Shanghai Composite Index were flat, and the Hang Seng Index in Hong Kong remained largely unchanged. A private survey revealed that China’s factory activity unexpectedly contracted in October, casting doubts on the country’s economic recovery. Kweichow Moutai’s shares rose after the company announced a price hike on its signature liquor products. This boosted sentiment in the wider A-share market, particularly in the food and beverage industry. China also unveiled plans to manage local debt risks and government debt. Geopolitically, tensions between the US and China showed signs of easing, with the presidents of both countries aiming for a constructive conversation in mid-November. Across Asia, stocks were slightly lower in anticipation of the Fed’s policy decision. Hong Kong-listed Chinese tech firms and Yum China’s shares also experienced declines.

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