China’s benchmark Shanghai Composite Index (000001.SH) lost 0.26% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 0.47%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.29% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.08%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Chinese Battery Material Supplier Expands in South Korea
Ningbo Ronbay New Energy wins clearance to more than triple its South Korean production capacity
· Toyota’s China Venture Slashes 1,000 Jobs Amid Slowing Sales
GAC Toyota’s production declines as all-electric bZ4X model fizzles after November launch
· China’s Central Bank Issues Draft Rules on Data Security Management
PBOC guidelines aim to fill gaps in data security and steer data handlers to comply with terms of China’s Data Security Law
· China Issues Draft Rules to Fuel Cross-Border Trade and Investment
Foreign exchange regulator proposes expanding trial of cross-border financing program and altering limits on certain fund transfers
· Pan Gongsheng Named as China’s New Central Bank Governor
Pan, a deputy governor and Communist Party committee chief of the PBOC, replaces Yi Gang
· Opinion: China’s Politburo Meeting Signals What’s in Store for Economic Policy
Six key takeaways include likely relaxation of property restrictions, plans to tackle local government hidden debt, and measures to stabilize employment
· Wang Yi Replaces Qin Gang as Foreign Minister
Qin Gang, who was last seen in public on June 25, has been replaced by his immediate predecessor Wang Yi, the party’s top diplomat
· China Lithium Futures Bounce Back From Debut Bloodbath
The benchmark January contract jumps nearly 7% after shedding more than 14% in their first two days of trading on the Guangzhou Futures Exchange
· Former Party Chief of Hangzhou Gets Suspended Death Sentence for Bribery
Zhou Jiangyong accepted more than $25 million for favors that included helping individuals and companies obtain project contracts and land-use rights
· Opinion: China’s Budget-Strained Local Governments Need to Be Cut Some Slack
Three years of Covid and slowing economic growth have depleted their resources and they need help to rebuild their finances, writes CASS researcher Wang Dehua
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This article was generated by Caixin Automation.
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