China’s benchmark Shanghai Composite Index (000001.SH) lost 1.44% on Tuesday, while the Shenzhen Component Index (399001.SZ) fell 1.66%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.84% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.85%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Beijing Tightens Controls Amid Virus Flare-Up Fears
China’s capital city sets out to test most of its 22 million residents for Covid after 70 new infections appear since April 22
· BlackRock Venture Launches First Pension Product in China
BlackRock’s majority-owned joint venture in China launched its first pilot pension wealth management investment in government and financial bonds.
· Asset Management Sector Regains Steam to Hit $20.5 Trillion
Chinese industry expanded 11% in 2021 after three years of shakeup for new regulatory framework, Boston Consulting Group and Everbright report
· Opinion: Will U.S. Rate Hikes Send Chinese Stocks and Bonds Tumbling?
It depends on whether the slowdown in Chinese economy can be reversed
· Cost of Sea Freight From China Continues to Fall Off Record High
Slackening overseas demand and domestic Covid outbreaks have pushed down prices from February’s peak
· China’s Steel Industry Is In for Slower Growth, Ministry Official Says
Industry ministry’s Chen Kelong suggests the government should help maintain reasonable steel prices to ensure that manufacturers stay profitable
· Beijing Starts Mass Covid Testing as It Imposed Lockdowns
There has been panic-buying in the capital’s supermarkets as residents brace themselves for further restrictions
· Several Major Chinese Banks to Cut Deposit Rates
A handful of major bank branches in Beijing have said that they will lower upper limit on interest rates for some fixed deposits by around 10 basis points, Caixin has learned
· Cover Story: Shanghai’s Rocky Road to Rebooting
China’s financial, logistics and manufacturing giant struggles to get back on its feet as Covid lockdowns snarl logistics and restrict the workforce
· Shanghai Reports Steep Rebound in Covid Cases as Citywide Testing Intensifies
The latest surge complicates government efforts to prevent virus spread and dashes hopes of gradual lifting of a strict lockdown
Click here to read more of the latest news.
This article was generated by Caixin Automation.
Follow the Chinese markets in real time with Caixin Global’s new stock database.
