China’s benchmark Shanghai Composite Index (000001.SH) lost 0.28% on Monday, while the Shenzhen Component Index (399001.SZ) fell 0.73%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.44% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.79%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Cover Story: China’s Tax System Gets a Digital Upgrade
The rollout of the so-called Golden Tax System Phase IV is slated for this year and will see greater scrutiny of tax dodgers
· Investment Banker Bao Fan Is Aiding an Investigation, China Renaissance Says
Beijing-based investment bank reports on billionaire founder and chairman’s status more than a week after he went missing
· China Central Bank Completes Trillion Yuan Profit Transfer to Treasury
Transfer of $162 billion to finance ministry, equivalent to around 50-basis-point cut to reserve requirement ratio, to support the economy
· Weekend Long Read: How China’s Military Gearheads Are Driving a New Trend in Toys
Model manufacturers have begun launching hyperrealistic Lego-style models based on Chinese weapon systems, hoping to attract a new breed of patriotic young hobbyists
· China’s Central Bank Vows to Balance Growth and Inflation
In monetary policy report, People’s Bank of China dials back language on stimulating the economy and puts more emphasis on price stability
· China’s Exports May Recover in Second Half, Economists Predict
Global economic uncertainty and lingering pandemic effects still weigh on demand abroad this quarter, but stimulus should bolster domestic consumption
Alibaba and Baidu post higher quarterly profits, China carmakers look for ways to embed more home-grown chips in vehicles
· In Depth: Why Is Chip Giant TSMC Investing in the U.S. When It Doesn’t Need to?
The project is one of a handful of international investments the Taiwan firm is pursuing as it seeks to diversify production in a business that is becoming increasingly less globalized
· Yuan Internationalization Grows at the Fastest Pace Since 2018, Index Shows
Standard Chartered Renminbi Globalization Index jumped 26.6% in 2022 due primarily to the sale of more offshore yuan bonds
· China Urges End to Hostilities on First Anniversary of the War in Ukraine
In a 12-point proposal, the foreign ministry reiterated that the sovereignty of all countries should be respected and called for an end to unilateral sanctions
Click here to read more of the latest news.
This article was generated by Caixin Automation.
Follow the Chinese markets in real time with Caixin Global’s new stock database.
