China’s benchmark Shanghai Composite Index (000001.SH) lost 0.45% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 0.94%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.15% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.99%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Macao Gambling Revenue Surges on Holiday Tourism Boom
With borders reopened, casino revenues back to 74% of re-Covid levels in October; revenues up 400% in October from year ago, with boost from China’s National Day holiday
Hebei to rebuild flood-damaged roads and bridges; analysts say central government aims to ease fiscal pressure on heavily-indebted local authorities
· China’s State Financial Assets Expands 66% in Five Years, Report Shows
State-owned financial firms held 27.6 trillion yuan in equity capital at end of 2022, Finance Ministry reports; total assets rise to 400.8 trillion yuan in 2022 from 241 trillion yuan in 2017
· Communist Party Cadres Told to Steer Clear of Private Equity
Anti-graft watchdog advises officials holding positions above a certain level that such investments can lead to corruption
· China’s Wave of Ministry-Level Leadership Shakeups Rolls On in October
The top leadership of the six ministries of foreign affairs, national defense, science and technology, civil affairs, finance, and transport as well as the People’s Bank of China has been reshuffled since March
· Number of People Living With HIV/AIDS in China Keeps Rising
The continued increase in the disease’s prevalence has far outpaced growth in the rates for reported cases and deaths from 2002 to 2021
· China Stands Ready to Partner With Russia on Security Threats, Military Official Says
Central Military Commission Vice Chairman Zhang Youxia made the remark during the 10th Beijing Xiangshan Forum
· Chinese Solar Firms Feel Squeeze on Profits as Overcapacity Hits
Many companies are ‘barely surviving,’ says president of solar maker Longi Green Energy Technology, which reported a 44% plunge in third-quarter profits
· Caixin Explains: China Concludes Sixth Top Financial Meeting to Tackle New Challenges
Under President Xi, financial work conference seeks more functional financial system to support economy; China sets action to strengthen regulation, optimize financial services, limit risks
· Social Media Platforms Tell Popular Influencers to Show Real Names
New disclosure requirement takes aim at online misinformation, other abuses; rule applies to self-media with many followers, focusing on public affairs, not daily personal life
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This article was generated by Caixin Automation.
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