China’s benchmark Shanghai Composite Index (000001.SH) gained 0.54% on Friday, while the Shenzhen Component Index (399001.SZ) closed nearly flat.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.01% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.16%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: Why China’s Lithium Firms Have Their Sights Set on Bolivia
The South American country has the world’s largest reserves of the key EV battery raw material, but political and practical obstacles have prevented it from becoming a significant global supplier
· Rare Earth Stocks Plunge as Tesla Seeks Alternatives
Investors sell off Chinese mineral producers including Northern Rare Earth, Baotou Steel, JL Mag and Jiangsu Huahong
· Henan Moves to Consolidate Struggling Steel Sector
Central China province folds Anyang Iron & Steel into newly formed Henan Steel Group and begins rationalization of fractured industry
· Chinese Governments Roll Out Incentives for Car Buyers
As auto sales plunge since national NEV subsidies expired at year-end, cities and provinces step in with policies to help Xpeng, Nio, Leapmotor and Dongfeng Honda
· China Local Governments’ Fiscal Stress May Roll Over to 2023, Think Tank Warns
Localities struggled to balance revenue and spending last year, as massive tax relief, ‘zero-Covid’ outlays, and a property market meltdown drained their coffers
· U.S. Firms Weigh China Alternatives Amid Political Tension, Survey Shows
While a majority of U.S. companies in the country say they are maintaining their operations there, some say they are in the process of relocating manufacturing elsewhere
· Political Advisor Calls for Law to Protect Private Sector as Growth Slows
Ahead of China's yearly political meetings known as the ‘Two Sessions,’ Pi Jianlong says he will propose a law to curb the state from illegally interfering in economic disputes
· Interview: Jockey Club’s CEO Lays Out Plan to Develop Horse Racing in Greater Bay Area
Long-time CEO Winfried Engelbrecht-Bresges shares how his organization braved Covid and why the breeding operation in Guangdong can become an ‘international benchmark’
· Investors Bet China’s Telecom Majors Have a Lot to Gain From Digitalization Plan
Shares of China Mobile, China Telecom and China Unicom jumped as much as 12.9% in the three days since the government released a digital transformation roadmap
· Opinion: U.S.-China Trade Decoupling Is Underway
Assuming there will be no big turnaround in China’s relationship with the West, the country’s foreign trade will grow increasingly challenged
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This article was generated by Caixin Automation.
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