China’s benchmark Shanghai Composite Index (000001.SH) lost 0.56% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.91%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.13% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.06%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China’s Bank of Communications Added to Global Too-Big-to-Fail Banks List
Designation means bank must hold 1% additional capital; Bank of Communications is fifth Chinese bank on list; FSB says bank’s failure would trigger wider financial crisis
· Exclusive: Zhongzhi Vice President Xie Among Those Probed Over Group’s Collapse
Beijing police are investigating Xie Zizheng and senior staff in four wealth management affiliates as a shortfall of up to 260 billion yuan was revealed, sources say
· China to Hit 5% GDP Growth Target for 2023, PBOC Chief Says
Central bank Governor Pan Gongsheng says that the decline in the rate of consumer inflation is bottoming out, as he looks to ease concerns that the country may enter deflation
· Chinese Court Begins Hearing Lawsuits Over Missing Malaysia Airlines Flight
Relatives of dozens of passengers on flight MH370 are seeking up to 80 million yuan each in compensation from the carrier, as well as Boeing, Rolls-Royce and Allianz
· China Appoints New Party Chief of Top Tax Authority
Hu Jinglin, a former vice finance minister, succeeds Wang Jun at the State Taxation Administration
· Tech Insider: Huawei’s Smart Car Venture, ByteDance’s Gaming Exit
TCL Technology dials back chip design ambitions, Ford scales back CATL-powered U.S. battery plant
· Politburo Deliberates New Rules to Tighten Party Control Over Foreign Affairs
The top decision-making body emphasizes need to ‘strengthen the centralized and unified leadership’ of the party over foreign affairs
· Multiple Former ICBC Executives Under Corruption Probe
Cong Lin and An Liyan, former heads of ICBC’s Hong Kong-based investment banking unit, in corruption inquiry; several other former ICBC executives likely under investigation
· Changan Auto to Take Stake in Huawei’s New Smart Car Company
The Chinese tech giant is planning to launch a new unit as it ramps up efforts to get its auto business off the ground
· China to Offer Private Firms Bigger Helping Hand
Seven government agencies and one business group release 25 measures to provide greater financing to the sector
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This article was generated by Caixin Automation.
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