China’s benchmark Shanghai Composite Index (000001.SH) lost 0.24% on Tuesday, while the Shenzhen Component Index (399001.SZ) fell 1.11%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.19% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.94%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Photo Essay: Struggle to Survive in China’s Ride-Hailing Industry
As China’s economic speedbumps have driven more people into the sector, it’s becoming ever more challenging to make ends meet
· China Pilots Government-Funded Housing Renovation System in 22 Cities
The system is to ensure adequate funding to maintain the safety of aging housing stock
· China’s Fiscal Revenue Falls in July as Economic Slowdown and Property Slump Bite
Government remains cautiously optimistic for second half of the year as policies stabilize fiscal revenue growth
· IBM Pulls R&D Units Out of China in Latest Withdrawal by U.S. Firm
The two affected research units employ nearly 1,700 people, one IBM source says
· Finance Movers and Shakers: Shenzhen Exchange Gets New Chief, BOC President Departs
Highlights of the past weeks include: Hunter Biden-connected China fund firm chairman resigns, and former CMB executive vice president caught up in corruption probe
· New Digital ID System is Optional, Not Mandatory, Ministry Researcher says
Proposed China ID rules seek to reduce the collection of personal information from many private platforms by implementing a single national service platform that doles out digital IDs and verifies users’ identity
· Huawei Sells Stake in Smart Car Unit to Auto Partner as Profits Surge
Seres Group is paying $1.6 billion for a 10% holding in Yinwang Intelligent Technology, a week after a state-owned carmaker made the same deal
· Multiple Individuals, Companies Punished Over Tainted Vegetable Oil Scandal
Fines, detentions handed out two months after media exposé of use of uncleaned chemical oil tankers triggered national outcry
China should draw strength and wisdom from the pioneers of reform to continuously advance their unfinished work
· China Starts Stress Testing Banks to Avoid Stampede Out of Bonds
PBOC begins the test as a stellar rally in Chinese bonds has stalled amid measures to cool sentiment
Click here to read more of the latest news.
This article was generated by Caixin Automation.
