China’s benchmark Shanghai Composite Index (000001.SH) closed nearly flat on Tuesday, while the Shenzhen Component Index (399001.SZ) fell 0.26%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.87% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.44%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China’s Top Graft Buster Probes State-Owned Shanghai Industrial President Zhou Jun
Zhou's investigation comes after corruption probe on several current and former executives at Shanghai state0owned firms since the summer
· China Drafts List of Developers Eligible for Funding, Asks Banks to Boost Real Estate Lending
Chinese regulators tell lenders to meet minimum thresholds for real estate lending; banks pressed to lend to private developers along with state-owned firms; housing sales continue to slide
· Mastercard Gets Go-Ahead to Get Into China’s Trillion-Dollar Bank Card Clearing Business
The approval makes a Chinese joint venture of the U.S. credit card processing giant the second foreign-funded company to be granted such a clearing license in the country
· Chinese Automaker GAC Aims to Use Solid-State Battery by 2026
The technology holds the promise for a longer lifespan, increased range and faster charging times than conventional lithium-ion cells
· Cover Story: Rethinking China’s Property Market Meltdown
As top performers Gemdale and Vanke show signs of teetering, calls are growing for a fresh approach, with construction of public housing touted as a panacea
· Opinion: Xi-Biden Summit Sets New Direction for China-U.S. Relations
The promotion of stable and predictable patterns of interaction between the nations holds greater significance than immediate progress in specific areas
· Ex-VP of China Development Bank Booted From Party for ‘Rampant Abuse’ of Power
A six-month anti-graft probe found that Zhou Qingyu had accepted gifts and money on a 'large scale' and intervened in the issuance of loans at nation’s largest policy lender
· U.S. Removes China Security Ministry Institute From Export Blacklist
Chinese Ministry of Public Security’s Institute of Forensic Science was placed on the list in May 2020 and its removal comes just a day after summit between President Xi Jinping and Joe Biden
· Weekend Long Read: Everything You Need to Know About ESG in China
This year’s environmental, social, and governance space has been characterized by a focus on the ‘dual carbon’ goals, an emphasis on disclosure and product growth, and the insurance industry going green
· China Tells Top Financial Institutions to Bolster the Property Market
Central bank, financial regulators and securities commission issue marching orders to China’s biggest banks, asset managers, brokerages and stock exchanges
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