China’s benchmark Shanghai Composite Index (000001.SH) lost 0.56% on Friday, while the Shenzhen Component Index (399001.SZ) fell 0.35%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.98% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.65%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: In China, Hydrogen’s Star Rises
As interest in the potentially environmentally friendly energy source grows, experts say cost-effective green versions of the gas are a long way off
· At Least 30 Injured as Beijing Subway Train Breaks Up
Injured passengers trapped for an hour as last two carriages of rush-hour Beijing subway train broke away. Inquiry into the accident has been launched
· Supermarket Chain Yonghui Exits Wanda Investment for $630 Million
Shanghai-listed supermarket chain sells its stake in Wanda Commercial to revitalize its assets as it struggles in the economic downturn
· Former China Cinda Executive Under Graft Investigation
Retired vice president of bad debt management company suspected of ‘serious disciplinary and legal violations’ as crackdown on corruption in China’s finance industry intensifies
· Beijing and Shanghai Further Relax Policies to Boost Home Sales
A reduction in down-payments homebuyers must find and an easing of the value-added tax sellers face on profits are designed to revitalize house sales in China’s leading cities
· China Raises Technical Bar for NEVs Eligible for Purchase Tax Exemptions
Introduction of new requirements that doubles the driving range electric vehicles must meet to qualify for tax breaks aims to steer technological progress in the right direction
· Opinion: How China’s Youth Got So Thrifty
Young consumers have become a lot more careful with their spending as they can no longer count on their incomes rising faster than the cost of living
· Sustainability-Oriented Strategies Key to Corporate Survival, Experts Say
Almost 1,000 people gathered recently at the 2023 ESG Ecological Conference in Shenzhen to discuss a ‘new paradigm’ for development that could revitalize the global economy
· IMF Deputy Calls for Higher Carbon Prices to Fight Global Warming
The global price should reach $85 per ton by 2030 to keep the temperature increase this century below the U.N. threshold of 2 C above pre-Industrial Revolution levels, Li Bo says
· In Depth: What China’s New Capital Rules Mean for Banks
The regulations, which were last updated across-the-board in 2012, go into effect on Jan. 1 and bring the country into line with international standards on measuring the risks of banking assets
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This article was generated by Caixin Automation.
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