China’s benchmark Shanghai Composite Index (000001.SH) gained 1.23% on Tuesday, while the Shenzhen Component Index (399001.SZ) rose 0.97%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.1% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.25%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Local Chinese Governments Add Billions to Multitrillion-Dollar Hidden-Debt Problem
National Audit Office review of 2022 financials finds inflated revenue, illegal collections, new hidden debts and use of borrowings for prohibited projects
· Central China Real Estate Suspends Payments on All Offshore Debt
Zhengzhou-based developer defaults on $300 million of dollar notes that were due May 24 as it vows to devote cash to ensuring delivery of existing projects
· CEO of JD Logistics Steps Down for ‘Health Reasons’
Yu Yui, a JD.com veteran of 15 years, handed his roles over to Hu Wei on Monday, the company says
· China’s Top Graft Buster Ramps Up Internal Anti-Corruption Efforts
Hao Zongqiang, deputy head of the Central Commission for Discipline Inspection’s publicity department, has become the fourth official from the commission to be ensnared for alleged graft since late May
· China Says It Supports National Stability in Russia After Wagner ‘Incident’
Foreign ministry spokesperson said late Sunday that the uprising is the country’s ‘internal affair’
· Cover Story: China Joins Effort to Avert Sovereign Debt Crisis
Nation fills new role as top creditor to poor countries rattled by the worst debt crisis since the 1980s
· Fight Decoupling to Boost Growth of Developing Nations, Chinese Premier Says
Li Qiang also calls for developed countries to honor their commitments to developing countries, who in turn should strengthen their capacity for independent advancement
· China’s Drug-Related Crimes Spike This Year After Hitting 10-Year Low in 2022
The abandonment of strict Covid controls at the end of last year, which kept the drug trade muted, has sparked an uptick in activity and arrests the first five months
· North China Bakes in Extreme Heat as Temperature Breaches 41°C
Beijing sets a June record as heatwaves sweep across vast regions, threatening health, wildfires and surging energy demand
· Cosco Completes Acquisition of Stake in Hamburg Terminal
Chinese shipping giant takes 24.99% interest in container operation as Premier Li Qiang makes first visit to Germany since taking office in March
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This article was generated by Caixin Automation.
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