China’s benchmark Shanghai Composite Index (000001.SH) lost 0.59% on Friday, while the Shenzhen Component Index (399001.SZ) fell 1.23%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.7% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.17%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: China’s ‘Hidden Debt’ of Local Governments Threatens National Economy
Property slump is undermining borrowers’ ability to repay
· Xi Pledges $10 Billion to Bolster Global Development
Chinese president in South Africa for BRICS summit also vows to expand cooperation with African countries
· Citic Securities Cuts Fees for Investors
Top state-owned investment bank responds to CSRC push to prop up China’s sagging stock markets
· China Pushes Pension Funds, Banks and Insurers Toward Stocks
Top securities regulator meets with financial executives on how to expand investment in one of the world’s worst-performing stock markets
· Shenzhen Existing-Home Prices Fall Back to Earth
Stratospheric values plunge by nearly half from 2020 peak and are now on a par with new-housing prices amid slumping demand and developers’ liquidity crunch
· Update: BRICS Invites Six Nations to Join as Expansion Moves Into Focus
Announcement comes as current members reach an agreement on ‘the guiding principles, standards, criteria and procedures’ of the expansion process, summit host says
· Global Investors Rejig Chinese New Economy Holdings
Some bellwethers trimmed their stakes in the likes of Alibaba and NetEase before news broke that Beijing had wrapped up a years-long crackdown on misconduct in the tech sector
· In Depth: Why Fewer Criminal Appeals Cases Are Getting Heard in China
Judges are choosing to skip the hearings due to rising caseloads, a shrinking pool of judges, and the wide discretionary power granted to the bench
Jiangsu tops trading of green electricity certificates, authorities seek to address gas safety problems nationwide
· Allianz Joins Peers in Setting Up Wholly Owned Mutual Fund Business in China
The German financial giant has been approved to establish the subsidiary within the next six months, making it the latest in a string of global firms expanding in the country’s $3.8 trillion market
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This article was generated by Caixin Automation.
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