China’s benchmark Shanghai Composite Index (000001.SH) lost 0.54% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.55%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.74% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.43%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· State Companies’ Rush to Clean Energy Sparks Bubble Fears
China’s rapid dash for wind and solar power mean it is six years ahead of its green target but concern grows that it is fueling an investment bubble
· UBS Economist Expects Less Property Drag on China’s Economy in 2024
Wang Tao expects the Chinese economy will have a growth rate of 4.5% in 2024 with fiscal support limiting the impact of the property slump
· Hong Kong IPOs Expected to Rebound to $12.8 Billion in 2024
Three of the top four global accounting firms predict an IPO comeback for Hong Kong in 2024. Reclaiming its position in the top five bourses
· PBOC Added $70 Billion Cheap Credit in 2023 to Fund Housing, Infrastructure
Relaunch of the PSL program suggests Beijing is relying on the policy banks to left China out of deepening property crisis
· Analysis: China’s Revised 2022 GDP Puts Spotlight on Finance and Manufacturing
A breakdown by industries shows notable decreases in contributions from the two sectors
· Xi Calls for Stronger Crackdown on Corruption in Finance, Pharmaceuticals
In an address to the Communist Party’s top graft watchdog, the president proposes tougher punishments for individuals that offer bribes
· Corrupt Cops, Baijiu Bribes Feature in Latest State-Backed Corruption Doc
Series produced by China’s graft watchdog and state broadcaster profiles 12 officials who fell from grace
· Competition Heats up in New Energy Storage as Capacity Surges
Green energy storage is expanding dramatically but intensifying competition and falling prices threaten the survival of those companies that cannot keep up
· Rentals in Biggest Chinese Cities Drop Further as Supply Increases
Cooldown of rental market continues as more young job seekers leave expensive big cities for smaller, cheaper conurbations
· Bribery, Love of Calligraphy Contributed to Ex-Everbright Chairman’s Downfall
Tang Shuangning has been expelled from the Communist Party for a litany of misconduct that also included expensing his personal travel overseas to the company, CCDI says
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