China’s benchmark Shanghai Composite Index (000001.SH) lost 2.35% on Tuesday, while the Shenzhen Component Index (399001.SZ) fell 2.62%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 2.81% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.8%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China Meheco Confirms Pfizer Talks on Selling Paxlovid in China
State-owned drugmaker’s shares surge by 10% limit on four straight days in Shanghai, though its role may be limited to distribution logistics
· China Plans to Manage Inflationary Impact of Surging Energy Prices
Top NDRC officials outline plans to hold CPI gains to 3% by building up coal and natural gas reserves while telling key energy producers and users to do so too
· Roundup: What the Government Work Report Told Us About China’s 2022 Economic Plans
Agenda-setting document covers GDP growth and fiscal deficit targets, monetary and housing policy directions — but no specific carbon-cutting goals this time
· China Willing to Mediate in Ukraine Crisis, Foreign Minister Says
Top diplomat Wang Yi also warned against the U.S. Indo-Pacific strategy as a tool to maintain hegemony, create another version of NATO
· China’s Papermaker Price Hikes Add to Inflation Worries
Recovering overseas demand and rising raw material prices, including on pulp from Russia, have pushed manufacturers to act in the world’s largest paper producing country
· More Shanghai Hospitals to Focus on Covid Patients as Outbreak Emerges
The financial hub is preparing to designate more facilities to isolate and treat the infected
· Photo Essay: The Lessons of After-School Education Reform for Three Beijing Families
With the demise of China’s tutoring industry, some families have sought out alternatives to give their children an edge
· Cover Story: The Reshaping of the World as Ukraine War Rages On
Biggest European conflict since World War II sets off profound changes including a new level of economic warfare with unknown consequences
· Weekly Must Read: The Murky World of High-Frequency Futures Trading in China
Experts say such trading reaped about $725 million in total profits in 2019, about 60% of which went to foreign firms. With the rules still unclear, how to regulate these companies has become a challenge
· New U.S. Ambassador to China Arrives to Fill Role Left Vacant for Over a Year
Career diplomat Nicholas Burns drew Beijing’s ire in October for comments he made on Taiwan and the origins of Covid during his Senate confirmation hearings
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