China’s benchmark Shanghai Composite Index (000001.SH) lost 1.95% on Friday, while the Shenzhen Component Index (399001.SZ) fell 2.28%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 4.13% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.91%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
The figure beats expectations and surpasses the 2.9% growth rate for the fourth quarter, when the country was still sticking to its stringent ‘zero-Covid’ policy most of the time
· Former Shanghai Electric Chief Tried for Taking $22.6 Million in Bribes
Zheng Jianhua accused of embezzlement, abuse of power and accepting bribes over 18 years
· BYD to Build $290 Million Battery Components Plant in Chile
Chinese EV giant will get Chilean lithium at discounted prices while gaining a foothold in a free-trade partner of the U.S.
· Alibaba Logistics Arm Cainiao Gears Up for Hong Kong IPO
Share sale would be the first by one of the $220 billion e-commerce giant’s six units under a sweeping restructuring plan
· Chinese First-Quarter Mortgage Borrowing Jumps 50%
Homebuyers take advantage of lower rates in another signal that policies to bolster the property market are kicking in
· Opinion: What’s Behind China’s Surprising Export Surge in March
After a dip in the second quarter, growth in overseas sales is likely to reaccelerate toward the end of the year, Minsheng Securities’ chief macro analyst says
· Canton Fair Buyers Shun Finished Goods in Sign of Manufacturing Exodus, Insiders Say
Buyers at the Canton Fair plan to transport parts back to their home countries for assembly, in part to avoid tariffs, Caixin has learned
· China-Brazil Ties Face ‘No Constraints,’ Foreign Minister Says
Relations have been repaired following the South American president’s recent visit to Beijing, he said, adding that the mainland is ‘a top priority’
· Chinese City Orders Better Rights for Delivery Drivers
Hangzhou issues rules requiring companies to sign contracts with delivery riders to improve their labor rights including those related to wages and social insurance
· Meituan Muscles In on Livestreaming E-Commerce With Inaugural Event
Some $12.5 million in coupons were sold during a marketing extravaganza that included an 11-hour livestream shopping show, featuring brands such as Luckin Coffee and budget boba tea chain Mixue Bingcheng
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This article was generated by Caixin Automation.
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