China’s benchmark Shanghai Composite Index (000001.SH) closed nearly flat on Friday, while the Shenzhen Component Index (399001.SZ) fell 0.14%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.44% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.6%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: China Looks to Saudi Arabia Amid Shifting Sands in U.S. Economic Ties
A recent flurry of political and business exchanges represents Beijing’s highest-level diplomatic engagement with Arab nations since the founding of the People’s Republic of China
· Beijing Office Vacancy Rate Rises to 13-Year High
Figures show hesitancy among businesses to put up the cash to rent workspaces amid an economic recovery
· Former Senior Chinese Banking Regulator Stands Trial for Bribery
Cai Esheng’s charges include taking bribes totaling more than 500 million yuan
· Exclusive: Former Everbright Chairman Tang Shuangning Out of Contact
Sources say Tang and his wife were taken away by authorities on Wednesday
· GAC’s Joint Venture with Mitsubishi Halts Productions, Cuts Jobs After Slow Sales
Internal memo calls for more focus on electric vehicles as transition cited as other reason for stoppage
· Xi Calls for Adopting ‘Dual Control’ System for Carbon Emissions and Intensity
A commission chaired by the president recommended a gradual shift away from a focus on energy consumption
· China Issues Final Guidelines for Managing Generative AI Services
Set to take effect on Aug. 15, the rules aim to promote development of the emerging technology while reducing risks in areas such as personal information and data security
· Imax Proposes $124 Million Buyout Plan for China Unit
The transaction, expected to close later this year, will give the Canadian firm greater flexibility to pursue new opportunities and applications of its big screen technology in China
· China Shuts ‘Fake’ Foreign Investors out of Stock Connect Program
Ban by securities watchdog comes into effect, closing a loophole investors could use to “round trip” trades
· Top Shanghai Lawmaker Under Graft Investigation
Dong Yunhu is the first provincial-level official probed since the party’s 20th national congress in October 2022
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This article was generated by Caixin Automation.
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