China’s benchmark Shanghai Composite Index (000001.SH) gained 0.23% on Tuesday, while the Shenzhen Component Index (399001.SZ) closed nearly flat.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.9% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.14%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China’s GDP Grows 4.5% in First Quarter, Beating Expectations
The figure tops the 2.9% expansion in the fourth quarter, when the country was still sticking to its stringent ‘zero-Covid’ policy most of the time
· Citic Bank Promotes President Fang Heying to Chairman
Leader of risk management overhaul succeeds resigning Zhu Hexin; Liu Cheng named to fill Fang’s post as president
· Former CDB Henan Branch Head Gets 10 Years in Prison
Fu Xiaodong convicted of bribery after confessing to 22 transactions over 13 years in Henan and Ningxia
· France and U.S. Are Allies With Different Voices, French Ambassador to China Says
Bertrand Lortholary’s remarks follow French President Emmanuel Macron’s comments that Europe must resist pressure to become ‘America’s followers’ and ‘a vassal’ on the Taiwan issue
· Opinion: China’s Latest Financial Overhaul Marks Shift From U.S. Model, but Risks Remain
A financial system lacking commercial independence will likely become a new area of concern
· Chinese Defense Minister, Putin Discuss Deepening Military Ties
Li Shangfu tells the Russian president that Beijing is willing to continue working together on maintaining international order, during a visit to Moscow
· Cover Story: China Emerges as Powerbroker on Global Diplomatic Stage
Xi Jinping follows up Saudi-Iran peace deal by meeting with European leaders to discuss an end to Ukraine war
· China Calls for ‘Fair Burden Sharing’ to Address Poor Countries’ Sovereign Debt Issues
PBOC Governor Yi Gang urges private-sector creditors to participate in a comparable manner, and multilateral development banks to contribute such as by providing sufficient grants
· Brazilian Leader’s State Visit to China Yields Promises of Greater Cooperation
The two countries also signed agreements on trade, the digital economy, scientific innovation, poverty alleviation and space, while promising to work more closely together on climate change
· China Has Only a Fraction of the U.S.’ Top AI Research Talent
The Asian country had 232 of the world’s best researchers in the field last year, compared with America’s more than 1,100, a recent report shows
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