China’s benchmark Shanghai Composite Index (000001.SH) gained 0.43% on Friday, while the Shenzhen Component Index (399001.SZ) rose 0.44%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.83% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.11%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: China’s Offshore Wind Sector Gears Up for Life After Subsidies
Even as individual firms prepare to scrap for local government contracts, analysts say the sector will continue to ride the updraft
· Ex-Boss of Taiping Life Falls Under Graft Investigation
Zhang Ke, who helped quadruple the insurer’s revenue before leaving in 2020, taken away by authorities in Shanghai
· Exclusive: Everbright Names Veteran Executive to Fill Top Vacancy
Wu Lijun is set to become Communist Party chief and chairman, succeeding Wang Jiang, who was assigned to new financial regulatory body
· China’s Banks Set to Cut Interest Rates on Deposits Again
Move would be third reduction in a year as authorities pressure financial institutions to encourage spending over saving in support of the flagging economy
· UBS Urges Bank Loan Restructuring to Address LGFV Crisis
Swiss banking giant estimates local financing vehicles owe $6.75 trillion to banks and calculates that a three-year payment extension would help LGFVs and would be manageable for lenders
· Long Wait at Panama Canal Shows the Power of El Nino
A total of 135 ships were in line as of Tuesday, 45 higher than the waterway authority’s standard
· China, Europe and the U.S. Have Broad Prospects for Climate Cooperation, Top Climate Envoy Says
The three regions complement each other in the areas of green technology and markets, Xie Zhenhua says
· China Soccer League Chief Caught in Anti-Graft Dragnet
With the probe into Liu Jun, all six chairmen in the Chinese Super League Co.’s 17-year history have now been investigated for graft
· Caixin Explains: Why China’s Efforts to Juice Stocks Typically Don’t Last
Measures including cutting the stamp duty on trades and slowing the pace of IPOs are mostly seen as a short-term shot in the arm for sentiment
China could relaunch voluntary carbon market this year, key raw materials industries get growth targets
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This article was generated by Caixin Automation.
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