China’s benchmark Shanghai Composite Index (000001.SH) gained 0.73% on Friday, while the Shenzhen Component Index (399001.SZ) rose 0.36%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 2.35% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.36%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China Hopes Ukraine, Russia Resume Peace Talks, Foreign Minister Says
Qin Gang conveys concerns to his Ukrainian counterpart that the conflict may grow ‘out of control’
· Weekly Must-Read: Why China Set Its 2023 GDP Growth Target at ‘Around 5%
The new leadership set what many consider to be a moderate goal despite stronger-than-expected economic activity this year and a low base in 2022
· China Strengthens Communist Party Oversight of Financial Sector
Latest regulatory overhaul includes creation of two powerful party commissions as China wrestles with managing risks in massive sector
· Chinese Housing Prices in Major Cities Post First Increase in 18 Months
New home prices in 70 cities rose 0.3% year-on-year in February, adding to signs of recovery from a protracted housing slump
· Former BOC Beijing Branch Head Under Corruption Investigation
Wang Jianhong caught up in graft busters’ dragnet targeting misconduct in the financial sector, where eight bankers have been punished already this year
· Guo Wengui Adviser Sought by U.S. in $1 Billion Fraud Conspiracy
Alleged co-conspirator William Je is on the lam as American authorities bring criminal charges and outline their long-running international scam
· Regulators Tighten Grip on China’s $2.9 Trillion Private Fund Industry
New rules taking effect in May lift upfront capital requirements for companies and funds, blocking the entry for smaller outfits while helping some larger foreign firms
· Baidu Launches Challenger to ChatGPT in Global AI Race
Investors’ immediate response to the prerecorded demo sent the tech giant’s Hong Kong shares tumbling 10% during the debut event
· Ping An Healthcare’s Cost-Cutting Pays Off as Loss Narrows
The firm behind medical app Ping An Health reported a 611 million yuan deficit for 2022, 60% less than the previous year
· Fugitive Billionaire Guo Wengui Arrested in New York
U.S. prosecutors charged the onetime Chinese real estate magnate and an alleged accomplice with a total of 12 criminal counts, including leading a conspiracy to defraud his online followers out of more than $1 billion
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