China’s benchmark Shanghai Composite Index (000001.SH) lost 1.91% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 2.4%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 3.18% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 2.51%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China’s Mortgage Rates Fall to Lowest Level Since 2008
Think tank report concludes that further cuts in mortgage rates and other supportive polices are needed to stimulate demand in the property market
· Foreign Firms Slow Expansion Plans in China, Survey Finds
Report indicates a rebound in confidence about U.S.–China relations among foreign companies with most intent on retaining their foothold in China
· German Firms Move to Address China’s Tighter Data Export Rules
Nearly a third of German companies have begun to comply with China’s data regulations despite calls for clarification
· Nio Collaborates with China Southern Power Grid on Virtual Power Plant
Agreement includes plans to build battery-swapping stations for EV drivers and promote the commercial application of distributed energy storages
· Four Charged in China’s First Case of Livestreaming Money Laundering
Shanghai prosecutors press charges after an investigation found the hosts accepted illicit funds worth over 50 million yuan between 2018 and mid-2020
· Commentary: China’s Policymakers Reiterate Need for Cheaper Logistics to Benefit Economy
The leadership aims to streamline production, distribution and consumption, and create an environment where investment and consumption bolster each other
· China’s Ousted Foreign Minister Removed From Top Legislature
Qin Gang’s membership of the National People’s Congress has been terminated, following his dismissal in July
· Commentary: BYD Price Cut Bombshell Tipped to Change Auto Market Landscape
By slashing the prices on revamped versions of its flagship sedans, the Chinese automaker set off a chain reaction with competitors scrambling to match it with their own cuts
· In Depth: China Intensifies Efforts to Curb Risk in Troubled Trust Sector
As well as increasing the focus on risk control and services such as wealth management, new regulations aim to discourage trusts from acting as conduits for shady investments
· Commentary: Culture Has Long Been Key in the Sino-French Relationship
Admiration for each other’s heritage has defined ties between China and France for decades
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