China’s benchmark Shanghai Composite Index (000001.SH) lost 0.46% on Tuesday, while the Shenzhen Component Index (399001.SZ) fell 1.23%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.52% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.35%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China Piles $47.5 Billion Into ‘Big Fund III’ to Boost Chip Development
Third phase of the Big Fund aims to help build a semiconductor industry to circumvent U.S. export controls on powerful chips
· Caixin Explains: How China Is Overhauling Regulations on Genetic Resources
Amid rising global competition, the government moves to lift restrictions threatening to strangle the biotech industry
· Shanghai Relaxes Mortgage Rules to Bolster Housing Market Support
China’s financial hub reduces downpayment ratios and lowers floor for mortgage rates
· Asia Should Lead Global Decarbonization, Ex-PBOC Chief Says
Zhou Xiaochuan calls on countries to ‘establish before breaking’ as they restructure their economies
· China Sets New Rules on How Major Shareholders Can Sell Their Stock
New CSRC measures ban controlling shareholders and actual controllers from offloading shares under certain circumstances
· Commentary: Shanghai Should Take Action to Tackle Its Rock-Bottom Birthrate
The city’s total fertility rate is around a quarter of that needed to keep its population from declining
· Alibaba Signs David Beckham to Boost Global Sales
The e-commerce giant’s international unit AliExpress has partnered with the English soccer star as part of a campaign for the upcoming UEFA Euro 2024 soccer tournament
· Chinese Foreign Ministry Promotes Long-Time Spokesperson to Vice Minister
Hua Chunying, director-general of the ministry’s press department, is the youngest of the five vice foreign ministers
· Investment Key to China Closing AI Gap With U.S., SenseTime Executive Says
U.S. has about 10 times the computing power of China and majority of industry talent, co-founder Xu Bing says
· SAIC Motor Maps Out Road to Commercialization for Solid-State Battery
The Chinese automaker plans to start mass producing the promising technology by 2026
Click here to read more of the latest news.
This article was generated by Caixin Automation.
