China’s benchmark Shanghai Composite Index (000001.SH) lost 1.52% on Tuesday, while the Shenzhen Component Index (399001.SZ) fell 1.03%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.55% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.18%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China Upgrades Cross-Border Funds Pilot for Multinationals
Beijing is giving certain companies greater freedom under the program, which facilitates pooling yuan and foreign currencies
· China Protests G-7 Communique, Saying It Interferes in Domestic Affairs
Beijing’s response came after the group spelled out their position on several thorny issues, including concerns over Taiwan as well as Beijing’s economic and human rights practices
· China Punishes 66 Public Servants for Deadly Changsha Building Collapse
The city’s mayor was removed from office and several government officers were transferred to judicial authorities for suspected corruption following the disaster that led to 54 deaths
· China’s Post-Reopening Second Covid Wave Could Peak in Late June, Expert Says
Zhong Nanshan on Monday identified the omicron subvariant XBB as the cause behind the latest outbreak of infections
· Three Things to Know About China’s New Financial Commissions
Two new commissions under the supervision of the ruling Communist Party have kept a low profile. Here’s what we know so far
· Cover Story: China’s Effort to Move Mountain of ‘Hidden Debt’ Faces Uphill Climb
Local governments’ invisible debt could be as high as almost $10 trillion, double Japan’s GDP, posing a risk of destabilizing the banking and financial sector
· Weekend Long Read: Five Shifts in China’s Opening-Up Strategy
Since 2012, the Communist Party has adjusted its goals for international investment, trade and its approach to the global economic governance system
· China-Russia Trade Dominates European Rail Freight As Ukraine War Drags On
The number of freight trains travelling between China and Russia has surged, hauling 90% of the goods traded with Europe
· Shenzhen Residents Evacuated From Building After Support Column Cracks
More than 1,000 people were ordered out of the 14-story mixed-use building, with authorities still investigating the cause of the incident
· Another Former China Development Bank Executive Investigated for Graft
Ex-Vice President Zhou Qingyu detained by authorities after being ousted last year before scheduled retirement and disgorging funds from bribes
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