China’s benchmark Shanghai Composite Index (000001.SH) gained 0.73% on Friday, while the Shenzhen Component Index (399001.SZ) closed nearly flat.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.46% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.16%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China’s Audit Watchdog Calls Out Banks for Cheating on Loans
Some state-owned banks claimed they were lending to favored sectors like tech and agriculture, but the money was used for activities like arbitrage, report finds
· Former Top Shanghai Lawmaker Admits Taking $20 Million in Bribes
Dong Yunhu’s downfall led to a series of arrest among Shanghai’s officialdom
· Sales of Clean Energy-Powered Heavy Trucks Surge by 139%
Drive to meet carbon reduction goals and more advanced batteries are fueling the sales boom
· Beijing and Brussels in High-Stakes Talks to Avert an EV Trade War
China hopes both parties can meet halfway and find a mutually acceptable solution, says ministry spokesman
· Minsheng Bank Says Exposure to Troubled Shareholder Manageable
The bank has outstanding loans to Orient Group and affiliates of $963 million, according to its chairman
· Beijing Office Rents Plunge 30% in Five Years as Vacancy Rates Rise
Business tenants are taking advantage of lower rents and more attractive leasing deals to upgrade and relocate
· Russia Detour Hinders Revival of European Carriers’ China Flights, Executive Says
Flying around Russia is ‘a big challenge’ that has significantly increased operational costs, Air France-KLM China chief says
Report says China becomes the world’s first major ‘electro-state,’ scientists make hydrogen with wind power and seawater, CATL doubles down on Europe
· Weekly Must-Read: China Mulls Tax System Overhaul to Ease Record Local Government Debt
Proposed reforms would shift revenue from the central government and relieve localities of some expenses
· Update: Two of China’s Former Defense Ministers Expelled From Communist Party
Li Shangfu and his immediate predecessor Wei Fenghe are both suspected of taking bribes
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This article was generated by Caixin Automation.
