China’s benchmark Shanghai Composite Index (000001.SH) slipped 0.13% on Thursday, while the Shenzhen Component Index (399001.SZ) rose 0.18%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.55% on the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.83%.
Below is a synopsis of China’s top business and financial stories, along with other news of the day:
· Anxin is reviving the escrow business as the revamp nears its end
Regulators are lifting the freeze on the troubled company’s main revenue stream after a government bailout and three-year overhaul
· China Construction Bank sets up consumer finance department
The state-owned banking giant’s new $835.9 million deal joins similar lending platforms set up by the Bank of China and Postal Savings Bank of China
· PBOC launches $27.6 billion loan to support corporate upgrades
The central bank’s lending program comes in response to the State Council’s order to support equipment upgrades as part of efforts to strengthen the economy
· Toyota and Hyundai want to sell hydrogen-powered passenger cars in China
The auto giants’ plans mark a shift for the Chinese market, previously dominated by commercial vehicles
· Director of Apple’s former camera module maker arrested in Zhejiang
Cai Gaoxiao, brother of founder Cai Rongjun, has resigned and is being held by police on “personal matters,” according to the company
· China announces tax cuts to boost private pension market
New guidelines exempting contributions and lower levies on withdrawing funds aim to encourage participation as the country tries to prop up a ailing pension system
· This Month’s Top Stories: China’s mortgage boycott epicenter issues developers an ultimatum
Local governments in China have made efforts to restart the country’s ailing real estate sector
· Colleges shorten National Day in October amid Covid concerns
Universities in places like Jiangsu, Shandong and Hunan have joined Beijing in cutting the seven-day vacation as students complain opaque virus prevention policies make them reluctant to leave campus
· Colleges shorten National Day in October amid Covid concerns
Universities in places like Jiangsu, Shandong and Hunan have joined Beijing in cutting the seven-day vacation as students complain opaque virus prevention policies make them reluctant to leave campus
· China’s two largest electricity producers get new top executives
Wen Shugang was appointed chairman and chief of the China Huaneng Communist Party, and Jiang Yi succeeded him in similar posts at China Huadian
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