China’s benchmark Shanghai Composite Index (000001.SH) gained 1.2% on Tuesday, while the Shenzhen Component Index (399001.SZ) rose 2.17%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 4.12% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 2.82%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China and U.S. Agree to New Dialogue on Trade
American Commerce Secretary Raimondo confers with Commerce Minister Wang Wentao in fourth Beijing visit by a Biden cabinet member since June
· ICBC Hubei Vice President Falls Under Graft Probe
Qiu Shijie was head of banking giant’s Shiyan city sub-branch when it was involved in a $83.5 million loan fraud scandal
· Global Central Banks Continue to Tap Yuan Via Currency Swap
PBOC reports balance of foreign currency swaps rose to $15.78 billion in the second quarter, the fourth straight quarterly increase
· Evergrande EV Unit Reports Vehicle Deliveries and Narrower Loss
First-half revenue jumps as automaker offloads money-losing, debt-laden real estate projects and delivers 760 of its flagship Hengchi 5 model
· Caixin Explains: The Roots of Country Garden’s Debt Woes
The private property developer’s creditors are knocking just as its sales have plunged and lenders are nowhere to be found
· AI Specialist SenseTime Is Laying Off More Workers, Sources Say
The software developer has been gradually cutting staff while slowing hiring in recent months, one former worker told Caixin
· Senior Beijing Winter Olympics Official Caught in Anti-Graft Dragnet
Ni Huizhong, former chief of the Chinese delegation at the 2022 games, is suspected of corruption
· Cover Story: Clock Ticking on Country Garden’s Debt Bomb
Formerly China’s top developer in terms of sales for six consecutive years, the behemoth is now teetering on the brink of its first ever bond default
· China Further Standardizes Management of Electricity Markets Amid Trading Boom
The guidelines clarified the responsibilities of management committees, including studying articles of association for exchanges and researching trading rules
· Weekend Long Read: The Challenges of Mounting a Legal Defense in China
Impediments preventing lawyers from adequately defending their clients have become alarmingly common, undermining public trust in the judicial system
Click here to read more of the latest news.
This article was generated by Caixin Automation.
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