China’s benchmark Shanghai Composite Index (000001.SH) lost 0.46% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 0.33%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.07% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.36%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China Baowu Steel Officially Takes Over Sinosteel
World’s largest steelmaker absorbs debt-plagued mineral resources developer in restructuring orchestrated by state-owned assets commission
· Chengdu Hotels Shorten Quarantines for New Arrivals
Travelers report being released to home isolation after just two days although local authorities say five-day quarantine policy is still in effect
· In Depth: Strict Rules at Home Push Chinese Metaverse Entrepreneurs, Investors Overseas
The scramble to monetize the metaverse and web3 is in full swing, as a new phase of the internet based on cryptocurrency and blockchain technology takes shape
· China to Boost Supply of Pfizer’s Covid Pill as Demand Soars, Expert Says
The antiviral drug Paxlovid will be gradually made available at all medical institutions and at the community level, says head of the infectious diseases department at Peking University First Hospital
· World Bank Cuts China Growth Forecasts on Property Slump, Reopening Complications
Real GDP growth is expected to slow to 2.7% this year, before rebounding to 4.3% in 2023
· Expert Confirms Not All Covid Deaths Will Be Included in Official Tally
A patient will make the official count only if their primary cause of death is pneumonia or respiratory failure caused by the virus, says director of Peking University First Hospital’s infectious disease department
· Where Have All the Antigen Test Kits Made in China Gone?
Sudden end of ‘zero-Covid’ policy leaves Chinese residents scrambling for home tests as cities and retailers ration supplies and factories dial up capacity
· Xiaomi to Slash 10% of Workforce Amid Declining Revenue
Chinese smartphone giant idles 3,500 as inflation and slowing economies depress global and domestic demand, leading to red ink
· China Policy Support for Property ‘Exceeds Expectations,’ Vanke Chief Says
Chairman Yu Liang tells shareholders he sees ‘positive signs’ in the industry, although Covid is still impacting sales in the short term
· Chinese Exporters Lose Some of Their Edge From a Weakening Yuan
Benefits from a depreciating currency have been offset by waning global demand
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This article was generated by Caixin Automation.
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