China’s benchmark Shanghai Composite Index (000001.SH) lost 0.21% on Tuesday, while the Shenzhen Component Index (399001.SZ) rose 0.49%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.17% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 1.38%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Local Governments Set to Borrow $146 Billion in First Quarter
As Beijing urges more spending to bolster the economy, 18 provinces and municipalities prepare regular and special purpose bond sales
· China’s 2022 Steel Output Slides 2.2%, Industry Group Says
Slump in demand amid economic slowdown and protracted property slump drives down prices, squeezing profits as costs remain high
· Foreign Ministry Spokesperson Zhao Lijian Transferred to Ocean Affairs Department
The official made a name for himself on Twitter, where his account has more than 1.9 million followers
· State Aluminum Giant Hires New Chairman to Fill Months-Long Vacancy
Chinalco, the world’s largest aluminum producer has appointed Duan Xiangdong, former China First Heavy Industries general manager, to helm the company
· Pfizer’s Paxlovid to Be Dropped From National Subsidy Scheme as Talks Collapse
A failure in this year’s price negotiations with the government will leave the Covid drug uncovered by the national program after March 31
· China Formalizes Expanded Currency Swap With Argentina
An additional 35 billion yuan was added to the previous agreement in the latest move to further internationalize the Chinese currency
· China’s Ex-Justice Minister Conned by ‘Political Swindlers,’ Documentary Says
Fu Zhenghua, who was handed a suspended death sentence for bribery last year, was the subject of the first in a four-part series on fallen officials, produced by China’s top graft buster and state broadcaster CCTV
· Shenzhen District Selects First Site for Joint Development With Hong Kong
The special territory will have industrial parks and adopt tax policies similar to those in the special administrative region
· U.S.’ Principal Financial Invests in Chinese Pension Manager
Principal Financial is now the second-largest shareholder of China Construction Bank Pension Management with a 17.6% stake
· China Passenger Traffic Rebounds on First Day of New Year Travel Rush
Public transport services saw a 39% jump in travelers from last year, signaling that the removal of Covid restrictions may help a broader recovery in demand
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This article was generated by Caixin Automation.
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