China’s benchmark Shanghai Composite Index (000001.SH) lost 0.76% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 1.85%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 2.74% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 2.95%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Stablecoins Need a Regulatory Framework, Circle Chief Says
Following $400 billion Terra debacle, USDC cryptocurrency’s Jeremy Allaire calls for legislation backing digital assets pegged to official currencies
· Sunac Seeks Payment Extension for $345 Million of Debt
China’s fourth-largest developer, mired in a cash crunch, is negotiating with creditors on delaying repayment by two years
· China Ramps Up Regulation of Covid Test Agents
Top drug regulator warns of suspensions, recalls and penalties for bad actors as central government cracks down on fraud and other violations
· Shanghai Heightens Covid Restrictions After a Spike in Cases Sparks Concern
The city reimposes lockdowns on some residential neighborhoods after determining the virus is once again spreading outside quarantined areas
· Some Chinese Colleges Won’t Let Students Graduate Without Proof of Employment
Some students have resorted to submitting phony contracts to satisfy universities keen on maintaining high job placement rates for graduates
· Biden’s Southeast Asia Solar Tariff Reprieve a Bright Spot for Chinese Producers
U.S. temporarily lifts tax on PV cells and modules from suppliers in Cambodia, Malaysia, Thailand and Vietnam, many of which are backed by Chinese companies
· Regulatory Reform Forces China’s Trust Firms to Cut Back on Risky Lending
Over the past two years, many companies have been shrinking their financing business and expanding investment trust activities
· In Depth: College Student Depression Hides Anxieties About Jobs and Covid
Virus control measures and uncertain opportunities increase mental health burdens of those studying at universities in China
· China Deploys Asset Management Giants in Cleaning Up Small Banks
Top banking regulator presses AMCs to play a greater role in reducing risks related to nonperforming assets of small and medium-sized banks
· Tencent, NetEase Miss Out in China’s New Game Approvals
Regulators clear 60 online games in this year’s second batch of authorizations, spurring optimism that authorities will allow more new releases
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This article was generated by Caixin Automation.
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