China’s benchmark Shanghai Composite Index (000001.SH) lost 0.39% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.25%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.15% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.7%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Empty Containers Pile Up at Global Ports as Trade Slows
Shipping demand falls off in post-Covid slump, leaving stacks of empties on docks from Shanghai to Los Angeles to Antwerp
· Analysis: What Will Drive Pfizer’s Growth After Covid?
Coronavirus vaccines and treatments fueled the drug giant’s global revenue surge to over $100 billion last year while other products stagnated
· China’s Video Game Industry Posts First Drop in Five Years
Sales shrink 10.3% to $39 billion as pandemic impedes new product development and slowing economy weighs on demand
· Chinese Steelmakers’ Profits Fall 72% Amid Property Sector Weakness
Combined revenue fell 6.35% last year as construction demand plunged and infrastructure projects slowed
· Experts Quash Fears of Greater Chance of China Quake After Turkey
A study on the correlation between seismic activity on the Eurasian continent and earthquakes in China sparked concerns after the disaster last week
· Beijing Calls On U.S. to Investigate Multiple Balloon Incursions Over China
The aircraft allegedly entered Chinese airspace more than 10 times since last May
· China’s Local Governments Go on Hiring Spree to Spur Growth
Provincial-level authorities plan to boost civil servant recruitment by 16% this year as the country seeks to bolster employment
Geely EV unit Zeekr closes $750 million funding round, China approves 87 new video games in February
· China’s Charity Law Revision Aims to Make It Easier for NGOs to Get Involved
The changes seek to flesh out cooperation with ‘social groups’ such as grassroots and private organizations to better tackle crises
· Beijing Government Pledges Support for Homegrown Answer to ChatGPT
In a white paper released Monday, authorities highlighted the Chinese capital’s leading role in the country’s AI research, promising support for local tech firms in the sector
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This article was generated by Caixin Automation.
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