China’s benchmark Shanghai Composite Index (000001.SH) lost 0.77% on Friday, while the Shenzhen Component Index (399001.SZ) fell 1.61%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.87% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 2.51%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: China’s Hunt for Strategic New Energy Minerals
Pursuit of key minerals intensifies as U.S., Canada and Australia restrict Chinese access to “strategic” materials
· Douyin Tests Taking on Meituan in the Food Delivery Market
ByteDance unit seeking new revenue experiments in Beijing, Shanghai and Chengdu with diving into the $66.4 billion sector
· China’s Solar Exports Soar 80% Despite Rising Headwinds
In the face of trade frictions and rising competition, 2022 shipments reach a record $51.3 billion, and demand is still climbing
· Exclusive: Billionaire Founder of China Renaissance Goes Missing
China Renaissance reports being unable to make contact with its billionaire founder and chairman months after authorities took President Cong Lin into custody
· Chinese Provinces Plan to Ask Developers Not to Sell Homes Until They Are Built
Pilot programs to kick off in Henan, Shandong, Anhui and Sichuan amid industrywide liquidity crunch
· Xi Says China Must Boost Consumer Spending, Foreign Investment This Year
The president stresses the importance of consumption in bolstering the economy at a key annual meeting to set the economic policy agenda for 2023
· Flights Diverted From Shijiazhuang Airport Over ‘Airspace’ Concerns
Eight flights were turned away on Thursday as the ‘airspace was occupied by other users,’ airport staff says
· Major Duck Snack Chains Predict Profit Plunge
Zhou Hei Ya, Huangshanghuang and Juewei say strict Covid curbs and high ingredient costs will hit their 2022 bottom line by 70% to 90%
· Developer Evergrande Vows to Fix Internal Controls in Wake of $2 Billion Deposit Debacle
An investigation reveals that the money was pledged as collateral for loans taken out by third-party firms
· In Depth: China’s Rural Covid Wave Exposes Flaws in Plan to Prevent Hospital Overcrowding
Policymakers wanted patients’ first stop to be village and township health centers, but shortages in experience and materials created incentives for them to do otherwise
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This article was generated by Caixin Automation.
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