China’s benchmark Shanghai Composite Index (000001.SH) gained 0.61% on Friday, while the Shenzhen Component Index (399001.SZ) rose 1.1%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.13% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.97%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Chinese Education Giant XJ International May Face Liquidation as Bondholders Demand Repayment
Bondholders exercise redemption option and demand $3.25 million repayment from private school operator
· Faraday Future Founder Jia Yueting in Social Media Verbal Assault on HiPhi
Electric vehicle rival takes a pot shot on Weibo at Human Horizons after issuing a writ claiming infringement of trade secrets
· Former Central Bank Chief Proposes to Allow Developers to Tap Insured Presale Funds
30 billion yuan insurance fund from pre-sale proceeds would ensure home delivery and allow developers to access money in a lawful manner
· Steel Mills in Yunnan Cut Production as Industry Bleeds Losses
Coordinated reduction in steel production comes as the industry is being squeezed by sluggish demand from the real estate sector
· China’s Digital Payment Behemoths Try to Improve Foreign User Experience
Alipay and WeChat Pay are working with NetsUnion Clearing to boost the use of foreign bank cards and digital wallets on the Chinese mainland
· Foreign Minister Says Beijing Ready to Work With Other Countries on AI
Wang Yi warns against attempts to implement technological barriers in AI development, saying the ‘small yard, high fence’ tactic will result in ‘mistakes with historic consequences’
· China Adds Six More European Countries to Visa-Free List on Trial Basis
Ordinary passport holders from Switzerland, Ireland, Hungary, Austria, Belgium and Luxembourg will be able to stay for up to 15 days without a visa
· Huawei Smart Car Tech to Power JAC Platform for Luxury EVs
The state-owed automaker plans to produce a multipurpose vehicle on the platform
· In Depth: Hong Kong Embarks on Economic Makeover
City scraps property market restrictions as it seeks to move away from real estate to develop more sustainable and high-value sectors
· There Is Room for Easing Bank Reserve Ratio, PBOC Governor Says
A weakening dollar will allow China to loosen its monetary policy without causing more capital flight, says Pan Gongsheng
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This article was generated by Caixin Automation.
