China’s benchmark Shanghai Composite Index (000001.SH) gained 3.03% on Thursday, while the Shenzhen Component Index (399001.SZ) rose 2.0%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 2.07% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 1.45%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China Expands Developers’ Loan Access for Debt Payments in Fresh Support
Loans pledged against office blocks, hotels or malls are to be made available to developers to help them survive the liquidity crunch
· Guangdong Government Debt Pile Approaches $422 Billion
The debt accumulation falls within Guangdong’s borrowing target and is deemed safely manageable, provincial governor says
· Beijing Municipal Government Repays Bond 17 Years Ahead of Maturity to Save Interests
According to its draft budget, the municipal government saved 70% of interest costs by early repayment of these bonds in 2023
· China’s Central Bank to Set up Credit Market Department
The new credit market department will focus on policy guidance on credit support to the real estate sector, agriculture, small and micro businesses and science and technology sectors
· China Partnership Driven by Business Not Politics, Saudi Minister Says
China has a lot to offer the oil-rich kingdom in terms of investment and expertise, Minister of Industry and Mineral Resources Bandar Alkhorayef tells Caixin in an interview in Davos
· China and Nauru Formally Resume Diplomatic Relations
Foreign ministers of the two countries sign a joint communique marking the resumption of ties, agreeing to exchange ambassadors ‘as soon as possible’
· China to Cut Banks’ Reserve Requirements Amid Flagging Recovery
PBOC Governor Pan Gongsheng says the reduction of 50 basis points will take effect Feb. 5
· Study Suggests 20% Sugar-Heavy Drinks Tax to Curb Surging Child Obesity in China
Study extrapolates the enormous cost to China of obesity in children over their lifetime and calls for measures to tackle the problem
· Chinese Developer Kaisa Group’s Soccer Club Disbands from Debt
Shenzhen Football club, winners of the first Chinese Super League, has been forced to close by mounting debts after failing to obtain a license
· China Revives Shelved Voluntary Carbon Credits Scheme
Four firms including China General Nuclear Power and State Power Investment pledge to follow compliance rules, develop projects and participate in trading
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This article was generated by Caixin Automation.
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