China’s benchmark Shanghai Composite Index (000001.SH) lost 0.33% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 0.62%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.62% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.63%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Local Governments Tap $29 Billion Special Bonds to Fund Smaller Banks
Sixteen provinces and regions stage record high bond sales to refinance small- and middle-sized banks struggling to generate profits during the economic slowdown
· Zijin’s Papua New Guinea Gold Mine to Reopen After Leasing Right Dispute Resolved
Zijin Mining expects to receive 5 tons of gold a year as Porgera mine reopens in Papua New Guinea after three-year wrangle over lease extension
· ‘We Are Willing to Build a Balanced Relationship’ With China, France’s Top Diplomat Says
Catherine Colonna shares her optimism about strengthening ties between the two countries, expresses concerns about the wars in Gaza and Ukraine, and explains the EU’s investigation into Chinese EV subsidies
· Economists See China Focusing More on Growth Next Year After Key Meeting
The annual Central Economic Work Conference also signaled that more fiscal support would be on the way
· China, Vietnam Leaders Agree to Strengthen Ties as Xi Makes Official Visit
Xi says relationship will see ‘greater political mutual trust and more substantive security cooperation’ in Hanoi meeting with General Secretary Nguyen Phu Trong
· Country Garden Bosses Take Hefty Pay Cuts as Developer Struggles
Chair Yang Huiyan has taken a 67% reduction and President Mo Bin 96%, each to 120,000 yuan
· Former China Railway Czar Sheng Guangzu Sentenced to 15 Years in Prison
China’s former train chief, Sheng Guangzu, sentenced for taking $8.8 million in bribes following investigation by the party’s top graft buster
· Wanda Reaches Deal with Investors to Avoid $5.6 Billion Immediate Repayment
Equity swap saves Wanda from ticking-time-bomb repayment to investors as it fails to meet listing deadline
· Poly Development Plans $279 Million Share Buyback to Shore up Price
China’s leading developer sees shares jump 7.6% as it announces major buyback to bolster its equity price which has almost halved since 2022 due to property market downturn
· China Climate Envoy Reaffirms 2030 Target for Peaking Carbon Emissions
Xie Zhenhua says the country had been in ‘close communication’ with other major countries and groups at COP28 in Dubai to find language that all parties can agree on
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This article was generated by Caixin Automation.
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