China’s benchmark Shanghai Composite Index (000001.SH) gained 0.4% on Friday, while the Shenzhen Component Index (399001.SZ) fell 0.48%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.51% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.12%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must Read: China’s Halting Steps to Dial Back ‘Zero Covid’
As central authorities cite scientific evidence for easing travel and testing rules, local officials worry about being held accountable for new outbreaks
· Beijing Torques Up Battle Against Covid as Cases Climb
China’s capital records 1,611 new cases in a day amid its worst pandemic outbreak as residents call for a more sophisticated response
· Woman Hangs Herself in Makeshift Covid Quarantine Hospital
After testing positive amid current outbreak, migrant worker was separated from husband and sent to crowded facility in Guangzhou
· China Plans to Put Nuclear-Powered Base on the Moon by 2028
The lunar outpost would be set up remotely before astronauts arrive via a new spacecraft in the following years
· China’s ‘Big Six’ State Banks Offer Developers $130 Billion in Credit Lines
While the measures mark a positive signal for the sector, some industry insiders say that only stronger or state-owned players will stand to benefit
· Carmaker BYD to Hike Prices as Cost Pressure Mounts
Announcement comes as China is set to end subsidies for purchases of EVs and hybrid vehicles in 2023
· In Depth: Cosco Alters Course in the Face of Shipping Headwinds
As the global shipping industry runs out of steam from the pandemic boom, the Chinese state-owned giant is pouring billions of dollars into a controversial shift in business strategy
· China Designates First Seven Investments for Personal Pension System
Consumers can buy into offerings from China Life, People’s Insurance, Taiping Life, Taiping Pension, Taikang Life and National Pension
· Top Tencent Investor Naspers Considers Selling Meituan Shares
South African media giant may cash out its $4.6 billion special dividend stake in the food delivery platform as it funds a massive share buyback of its own
· Ex-Central Bank Chief Dismisses Concerns of Multinationals’ ‘Greenwashing’
Zhou Xiaochuan says there’s no need to worry about big firms buying cheap carbon credits as global prices will eventually level off, preventing them from shirking their commitments
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This article was generated by Caixin Automation.
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