China’s benchmark Shanghai Composite Index (000001.SH) lost 1.47% on Monday, while the Shenzhen Component Index (399001.SZ) fell 1.51%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 2.51% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.69%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Cover Story: Modi Steers India’s Relationship With Russia Through Storm of Ukraine War
Indian prime minister treads a fine line between not offending Moscow, historically its main arms supplier, and building stronger relations with the West
· Foreign Banks’ ‘Adjustments’ in China Only Short Term, National Financial Regulator Says
The pandemic and increasing uncertainties in the global economy have caused some foreign banks to make changes to their business in China, but it is not a long-term trend, said official from state administration for financial regulation
· Dongfeng Motor to Buy Assets From Stellantis JV to Consolidate Manufacturing
Dongfeng Peugeot Citroën Auto will sell land use rights and buildings in Hubei for $234 million after China sales drop nearly 30% in first nine months
· Ex-Executive of Shanghai Bourse Accused of Bribery and Fake Divorce
Liu Ti, exchange’s former deputy general manager, falsified records, embezzled public assets and pursued improper gains, graft busters say
· China Defines Insurers That Are ‘Too Big to Fail’
Central bank and top financial regulator outline criteria for special supervision of big, complex, highly interconnected institutions
· Chinese Lawmakers Set to Overhaul Infectious Disease Reporting System
Draft revisions include improvements in online reporting, rewards for prompt reporting of virus outbreaks and a ban on interference in reporting cases
· China mRNA Vaccine-Maker Stemirna Struggles With Debt Crisis
One-time investor darling seeks fresh capital as CEO admits it is in a ‘difficult’ position as it awaits final Covid vaccine approvals in China
· Opinion: How Zhejiang’s Private Economy Paved Way to Achieve ‘Common Prosperity’
Greater emphasis should be placed on redistribution of wealth, where the government, not private enterprise, plays a pivotal role through tax, social security and public services, writes former official Liu Ting
· Tech Insider: Toughened U.S. Chip Export Curbs, Flying-Car Maker EHang’s Local Government Deal
Chinese AI startup raises $300 million from Alibaba and Tencent, Changan Auto plans to build Thai NEV plant, and Baidu claims its Ernie chatbot is as good as ChatGPT
· Former Provincial Political Advisory Chief Falls Under Graft Probe
Han Yong, an ex-chairman of the Shaanxi Provincial Committee of the Chinese People’s Political Consultative Conference, is suspected of ‘serious violations of discipline and law’
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