China’s benchmark Shanghai Composite Index (000001.SH) lost 0.22% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 0.92%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.61% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.31%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Zhengzhou Scraps New Home Price Cap to Help Wake Up the Real Estate Market
Move marks end of a regulatory framework set up in September 2016 to curb rapidly rising housing prices
· China’s Lithium Mountain Grows as Oversupply Drags Down Prices Further
Analysts expect a 100,000-ton excess supply this year as prices drop 70% in a year
· Former Guangdong Police Chief Gets 10-Year Jail Term for Bribery
Li Chunsheng served with reduced sentence as he surrendered voluntarily and reported criminal activities of others
· Shanghai Unveils Plan to Boost R&D in Biopharma Sector
The city’s new plan focuses on expanding the sector’s access to local R&D, clinical and data resources to build a globally competitive industry
· China’s Digital ID Proposal Sparks Debate About Privacy and Security
Public security ministry and national internet regulator introduce system that aims to cut down on the personal information that internet platforms can collect from their users
· Former State-Owned Oil Giant Chairman Booted From Communist Party
Graft busters found Wang Yilin had accepted ‘huge’ bribes and befriended political fraudsters
· In Depth: ‘Exorbitant’ Fines Land Temu in Hot Water With Chinese Merchants
Hundreds gathered outside Temu’s Guangzhou offices to voice anger at the platform’s increasing levying of penalties for product defects without providing evidence
· Politburo Pledge to Curb ‘Vicious Competition’ Sparks Hope Auto Price War Will End
China’s carmakers have been competing intensely since the start of 2023, when sales growth began to slow
· China’s Insurance, Trust Bailout Funds Operators to Get New Chiefs
The two state-backed companies have played a key role in helping the industries navigate tightened regulations in the past few years
· PBOC Named Chair of Asia-Pacific Payments Infrastructure Group
Eleven-member organization has appointed China’s central bank to lead its working group on payments and market infrastructure
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This article was generated by Caixin Automation.
