China’s benchmark Shanghai Composite Index (000001.SH) lost 0.43% on Tuesday, while the Shenzhen Component Index (399001.SZ) fell 1.29%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.43% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.87%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Cover Story: Chinese Carmakers Enter 2024 Fighting Price War, Heightened EV Competition
On track for record 2023 sales, China’s auto industry won’t see profitability follow suit
· China Appoints First Naval Officer as Minister of Defense
Admiral Dong Jun, former chief of the People’s Liberation Army Navy, replaces Li Shangfu who was removed from the post two months ago
· China’s Top Legisaltive Body Ousts Nine Senior Military Officers
The removal came two days after the Chinese People’s Political Consultative Conference, the country’s top political advisory body, revoked the membership of three arms and aerospace executives
· Weekend Long Read: Policymakers Can Learn From History to Quell Gaming Sector Turmoil
China regulators spooking the market with proposed new regulations and then scrambling to calm fears shows the government could have learned from history about the importance of public engagement when drafting policy
· China Sets up State-owned Firm to Operate First Home-built Large Cruise Ship
China aims to become an emerging force in the large cruise ship industry as the Adora Magic City prepares to set sail on its maiden voyage
· People’s Bank of China Fines Businesses for Refusing to Accept Cash
Central bank fines show that while smartphone payments may dominate, there is still a need to protect cash transactions
· Former Vice Head of Banking Regulator Given Suspended Death Sentence in $80 Million Bribery Case
Cai Esheng admitted accepting the amount over a 15-year period, including during his retirement, a court in Jiangsu announces
· In Depth: China’s ‘No-Show’ Jobs Market for Disabled Deepens Employment Woes
A growing clandestine market where people rent out their proof of disability conversely has made finding real jobs even tougher for those that want them
· China Is Making Payments More Convenient for Foreigners, Central Bank Official Says
Paying with international bank cards, and using platforms like Alipay and WeChat Pay have been becoming easier, Zhang Qingsong says
· Tech Insider: Xiaomi’s First Electric Car, JD.com Plans Huge Salary Hikes
Solar major Tongwei plans $4 billion plant in North China, Shenzhen appeals to flying-car firms with host of incentives, Luxshare to control Taiwan rival’s iPhone assembly site
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This article was generated by Caixin Automation.
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