China’s benchmark Shanghai Composite Index (000001.SH) lost 0.89% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.35%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.13% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.24%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Flooding in Northern China Triggers $23 Million of Insurance Claims
Total includes damage to vehicles and businesses with most of claims filed in hard-hit Mentougou and Fangshan districts of Beijing
· Central Bank Vows Further Mortgage Easing to Support Housing
People’s Bank of China and foreign exchange regulator outline plans to implement precise and differentiated housing credit policies
· China Cinda to Sell $166 Million of Founder Securities Shares
State-owned bad-debt manager will divest 2% of the brokerage’s stock through a bidding process and retain a 6.62% interest
· Exclusive: State Insurance Giant China Life Names New Chief
Top actuary Li Mingguang becomes Communist Party head and is set to succeed Zhao Peng as president
· Floods in North China Claim 20 Lives as Torrential Rain Cuts Power, Communications
As of Tuesday, the death toll of the floods in Beijing has climbed to 11, while nine dead in the neighboring Hebei province after days of downpours in the region
· Shanghai Lawmaker Booted From Top Legislature Following Graft Probe
Dong Yunhu, placed under investigation last month, is the first representative to be publicly removed from the 14th National People’s Congress, whose members were confirmed in February
· Tech Insider: China Curbs Drone Exports, Huawei’s Smartphone Sales Buck Trend
BYD hires 30,000 college grads so far this year, Beijing picks telecom boss to head newly created data regulator
· China Appoints New Leadership for Missile Force
Navy’s Wang Houbin named head of Rocket Force, and Xu Xisheng takes over as political commissar
· Two People Killed as Extreme Downpours Swamp Beijing
Remnants of Typhoon Doksuri lash northern China, forcing tens of thousand to evacuate amid widespread flooding
· China’s Biggest Cities Expected to Ease Housing Policies
To break the national real estate logjam, Shanghai, Beijing, Shenzhen and Guangzhou need to relax purchasing restrictions, research institute argues
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