China’s benchmark Shanghai Composite Index (000001.SH) lost 0.06% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.09%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.44% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.26%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Xiaomi-Backed Fund Raises Nearly $1.4 Billion for Chip Investment
Billionaire Xiaomi founder Lei Jun pushes Xiaomi Zhizao fund closer to its target for supporting advanced technologies
· China’s Auto Exports Surge 43.2% in First Two Months
New-energy vehicles lead a $13.91 billion charge as BYD, SAIC and Nio step up efforts in foreign markets, notably Western Europe and Southeast Asia
· China to Create New Top Regulator to Manage Data Resources
National Data Bureau will be responsible for advancing China’s digital economy, which accounts for more than 17% of GDP
· China to Reorganize Science and Tech Ministry, Set Up National Data Bureau
The institutional revamp includes the forming of a new financial watchdog and the cutting of headcount at central state organs by 5%.
· Tech Insider: TikTok Twin Takes On E-Commerce Titans, Tech Agenda Pushed at ‘Two Sessions’
Xiaomi to mass-produce its first EV, JD.com goes on discount spree
· China Warns of ‘Catastrophic Consequences’ of U.S. Zero-Sum Strategy
U.S. sanctions and other acts against China are ‘bound to fail,’ Foreign Minister Qin Gang said Tuesday during a meeting on the sidelines of this year’s ‘Two Sessions’
· Xi Calls for ‘Unwavering’ Support for China’s Private Sector
President says nonpublic enterprises and entrepreneurs are part of the family and that proper guidance is needed to steer high-quality development of the private economy
· China Plans to Create Vast New Financial Regulator
The new body will absorb the CBIRC and oversee all parts of the financial industry other than securities, State Council proposal says
· Sequoia China Affiliate SCEP Applies for QFII Status
The unit seeks to access the mainland via Beijing’s Qualified Foreign Institutional Investor program
· China Pushes Back on Mark Mobius Money-Transfer Complaint
Billionaire investor says on TV to be ‘very careful’ after he couldn’t move funds to Hong Kong from Shanghai, but authorities maintain the rules are the rules and haven’t changed
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This article was generated by Caixin Automation.
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