China’s benchmark Shanghai Composite Index (000001.SH) lost 1.48% on Monday, while the Shenzhen Component Index (399001.SZ) fell 1.68%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.97% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.16%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Cover Story: China Joins Effort to Avert Sovereign Debt Crisis
Nation fills new role as top creditor to poor countries rattled by the worst debt crisis since the 1980s
· Fight Decoupling to Boost Growth of Developing Nations, Chinese Premier Says
Li Qiang also calls for developed countries to honor their commitments to developing countries, who in turn should strengthen their capacity for independent advancement
· China’s Drug-Related Crimes Spike This Year After Hitting 10-Year Low in 2022
The abandonment of strict Covid controls at the end of last year, which kept the drug trade muted, has sparked an uptick in activity and arrests the first five months
· North China Bakes in Extreme Heat as Temperature Breaches 41°C
Beijing sets a June record as heatwaves sweep across vast regions, threatening health, wildfires and surging energy demand
· Cosco Completes Acquisition of Stake in Hamburg Terminal
Chinese shipping giant takes 24.99% interest in container operation as Premier Li Qiang makes first visit to Germany since taking office in March
· China Clears 89 More New Video Games in June
First-half total reaches 521, topping last year’s 468, as NetEase, Yoozoo Games and Hubei Century win approvals and Tencent is shut out
· China Youth League Starts Leadership Reshuffle
Fu Zhenbang, former secretary of the Communist Youth League was named as a leader of CHN Energy Investment Group, ahead of an expected leadership reshuffle during a twice-a-decade national congress that concludes Thursday
· EV-Battery Recycling Accelerates in China With Strong State Support
Beijing will speed up implementing formal measures to improve the system, which recycled more spent cells in the first five months of 2023 than all of last year
· China Hauls in Nine Over Deadly Gas Explosion at Restaurant
The blast in Northwest China Wednesday has left at least 31 dead and seven injured
· China Premier Calls for Strong Cooperation on Tech Innovation With France
Li Qiang says there is great potential for Sino-French cooperation in high-end manufacturing, modern services, green transformation and the digital economy
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