China’s benchmark Shanghai Composite Index (000001.SH) gained 0.23% on Friday, while the Shenzhen Component Index (399001.SZ) fell 0.12%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.05% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.06%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: China’s Plan to Overhaul Its $3.7 Trillion Mutual Fund Industry
Securities authority says the industry should become more diverse and focus on long-term returns
· Steel Craters in China as Demand Dries Up Amid Covid Lockdowns
Prices plunge 14% from April highs and stockpiles at steelmakers skyrocket, reflecting the crash in construction as well as weakness in manufacturing
· Hong Kong Ends Mutual Accounting Recognition Accord With U.S.
Agreement expires at year-end as Chinese and U.S. authorities seek to resolve a long-running dispute over access to Chinese companies’ audit documents
· In Depth: As Mass Covid Testing Becomes China’s New Normal, Debate Grows Over Who Pays
National Healthcare Security Administration says local medical insurance funds shouldn’t be used for large-scale programs
· More Chinese Developers Ask for More Time to Pay Back Bonds
Jinke Property Group has offered to repay 10% of the principal due on 1.25 billion yuan bond and then pay back the remainder in phases over the coming year
· More Chinese Logistics Firms Sink Into Red in April
In the first four months, 39% of ‘key’ companies lost money, up from 36% in the first quarter
· Climate Issues Shouldn’t Bear Political Labels, U.S. Envoy Says
John Kerry says U.S. and China are committed to making sure climate crisis is recognized as a global existential issue
· Trending in China: Funeral Home Insists on Covid Test Result — for the Deceased
Shenzhen business has attracted online scorn for saying a negative result is needed for cremation to go ahead
· Q&A Site Zhihu Founder Vows to Slash Red Ink as Losses Grow
The company’s net loss widened 89% to $92 million in the first quarter
· Opinion: AI Has a Role to Play in Climate Change, but It May Come at a Cost
By making more accurate predictions and using resources more efficiently, AI can help reduce climate change, but deep learning models also have drawbacks
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This article was generated by Caixin Automation.
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