China’s benchmark Shanghai Composite Index (000001.SH) lost 0.42% on Tuesday, while the Shenzhen Component Index (399001.SZ) fell 0.8%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.67% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.26%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China’s Economic Activity Rebounds After Reopening
The official manufacturing PMI rose to 50.1 in January, while the non-manufacturing gauge jumped to 54.4
· JD.com Closes E-Commerce Businesses in Indonesia and Thailand
Chinese internet giant refocuses on supply-chain management and warehousing as Southeast Asia market grows hotly competitive
· Novartis Eyes Market Potential Outside Biggest Chinese Cities
Swiss drug giant focuses on tier two and three cities for future growth, Chief Commercial Officer Marie-France Tschudin tells Caixin
· China’s 2022 Smartphone Sales Plunge to Lowest Level in a Decade
Covid outbreaks slowed demand, but so did increased market penetration and lack of product innovation, market researchers say
· Local Chinese Governments Paid $148 Billion in Interest in 2022
Debt-servicing costs double from 2018 as authorities borrow record amounts to bolster the battered economy through increased public spending
· Missing for 100 Days, Teenager Found Dead Behind School
15-year-old Hu Xinyu’s body was found hanging from a tree after he disappeared in eastern China
· China’s Provinces Target Household Spending in Plans for Post-‘Zero Covid’ Recovery
The priority is in line with a State Council directive that emphasized the need to make consumption a main driver of an economy that had one of its worst showings in decades in 2022
· Losses Blow Out at China’s Airlines as Passengers Dip to 12-Year Low
Total industry losses in 2022 were more than the previous two years combined as Covid restrictions shut down international travel
· Top Stories of the Month: The Questions Hanging Over Ant Group
Following the startling suspension of its would-be record-setting $34.5 billion IPO in November 2020, the fintech company was plunged into an extensive restructuring that has been ongoing for the past two years as regulators clamp down on misconduct in the industry
· iFlytek Jumps by Daily Limit as AI Arouses Investor Interest
The tech company stock rises 10% despite warning its 2022 profit fell by an estimated 60% to 70%
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This article was generated by Caixin Automation.
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