China’s benchmark Shanghai Composite Index (000001.SH) lost 0.68% on Friday, while the Shenzhen Component Index (399001.SZ) fell 0.94%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.48% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.19%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: Rethinking China’s Property Market Meltdown
As top performers Gemdale and Vanke show signs of teetering, calls are growing for a fresh approach, with construction of public housing touted as a panacea
· Chinese Property Stocks Climb on Hope of Further Support
Property shares advance after reports that regulators ordered financial firms to meet reasonable funding needs of developers and are drafting a white list
· Cabinet Vows Support to SMEs Traded on Beijing Bourse
State Council urges banks to boost lending to small and medium-sized businesses; cabinet aims to promote Beijing financial services, business on Beijing stock exchange
· China Battles Surge in Respiratory Infections Among Children
Hospitals in Beijing, Shanghai, Wuhan and Guangzhou, have recorded a spike in mycoplasma pneumoniae infections, with some facilities in the capital already at full capacity
· China’s Innovative Startups, Tech Firms Need More Financial Help, Regulators Say
Monday’s meeting also calls for better information-sharing to improve understanding of technology
· Maersk Strikes Deal With Chinese Firm to Buy Methanol for Green Vessels
Xinjiang Goldwind will supply the Danish container shipping giant with 500,000 tons a year of the fuel from a new plant in Inner Mongolia
· Financial Sector Has Potential to Better Serve China’s Real Economy, Lawmakers Say
There is still much room for the industry to sacrifice profits for the sake of the real economy, a statement from the national legislature says
· Chinese Carmakers Ship More Workers Abroad for Expansion, White Paper Says
About 70% of over 20 Chinese carmakers with a presence abroad are expected to have sent more employees overseas in 2023, according to a study by Marsh McLennan
· Exclusive: Chairman of China Cosco’s Leasing Unit Under Probe
Sources tell Caixin that Liu Chong detained by authorities; Liu likely linked to investigation of Shanghai businessman Mi Chunlei’s investment in China Shipping Haisheng Co. Ltd.
· Zhongzhi Declares Itself ‘Severely Insolvent’ as Debt Soars to $65 Billion
Audit shows debt of 420-460 billion yuan, double its assets of 200 billion yuan; conglomerate sees significant risk to ongoing operations
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This article was generated by Caixin Automation.
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