China’s benchmark Shanghai Composite Index (000001.SH) gained 1.14% on Friday, while the Shenzhen Component Index (399001.SZ) rose 1.08%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.86% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.76%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: What’s Behind China’s ‘Missing’ Foreign Exchange Reserves
The mismatch in the trade surplus and foreign exchange reserve data reflects that wealth is being held increasingly by the people, not the state
· China to Pass U.S. as World’s Largest Nuclear Power Operator by 2030
With 10 project approvals last year and 24 units under construction, controversial clean energy source rebounds from a years-long post-Fukushima pause
· China’s Smart Cockpit Market to Nearly Double in Five Years
Demand for high-tech cockpits in autos will surge to $30.7 billion, accounting and consulting giant KPMG finds in survey
· Ex-Hangzhou Party Chief Pleads Guilty to Taking $28 Million of Bribes
Zhou Jiangyong to be sentenced later for corruption that prosecutors said took place over 22 years
· Argentina Ditches Dollar to Pay Yuan for China Imports
South American nation will pay for $1 billion of imports this month using yuan as worst drought in a century drives down the peso and saps foreign currency reserves
· Major Covid Outbreak ‘Unlikely’ in Near Term, Expert Says
Official data show infections nationwide remains low, with the number recorded in early April at ‘the lowest level’ since December
· China Grants Authorities More Powers to Fight Spies
Amendments to the Counter-Espionage Law will arm counter-intelligence personnel with additional tools such as access to data and property information
· Ex-Governor Named Party's Head of Human Resources
Li Ganjie, former Shandong province governor, is a nuclear safety expert and a member of the party’s powerful politburo
· In Depth: Scandal-Ridden Chinese Soccer Gets in Foul Trouble Again
Since November, at least a dozen high-ranking CFA officials or senior club executives have been caught up in the clampdown, amid persistent misconduct involving match-fixing and gambling
· ING Sues ICBC for $171 Million in Copper Deal Losses
Dutch banking giant alleges breach of contract by China’s largest bank in transactions involving copper trader Maike Metals
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This article was generated by Caixin Automation.
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