China’s benchmark Shanghai Composite Index (000001.SH) gained 0.14% on Friday, while the Shenzhen Component Index (399001.SZ) rose 1.45%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.84% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.92%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China Boosts Subsidies for Consumers Who Trade In Old Cars for New Ones
The 300-billion-yaun program aims to spur economy and raise fuel efficiency
· China Eases Hotel Restrictions to Attract Foreign Tourists
New rules require foreign exchange service, simpler guest registration
Beijing shifts from curbs on energy consumption to limiting carbon emissions, first fully green virtual power plant begins operation
· China Supports Russia-Ukraine Peace Talks, but Conditions Aren’t Yet ‘Ripe,’ Beijing Says
Foreign Minister Wang Yi made the comments during Ukrainian counterpart’s first visit to the country since invasion began
· China Banks Trim Deposit Rates to Bolster Record-Low Margins
The move follows a cut to Chinese benchmark lending rates earlier this month, part of an effort to boost the economy with cheaper credit
· China Encourages ‘High Quality’ Companies to Seek Borrowing Overseas
NDRC relaxes overseas bond sale regulations for leading companies with strong credit records
· Veteran Financial Regulator Charged With Bribery
An Qingsong is accused of peddling his influence and causing severe disruption in the capital markets
· Guangdong Fails to Match National GDP Growth Levels as Real Estate Slump Bites
The province reports only 3.9% GDP growth for the first half of 2024, below the national average of 5%
· Falling Government Bond Yields Prompt New Round of Life Insurance Rate Cuts
Although timing is unclear, the consensus is to cut the traditional insurance interest rate ceiling from 3.0% to 2.5%
· Chinese Auto Dealer Rebuts Claims It’s Reluctant to Save Stock From Delisting Territory
Grand Automotive is on track to be booted from the Shanghai Stock Exchange, despite claims that it has enough capital for share repurchases
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This article was generated by Caixin Automation.
