China’s benchmark Shanghai Composite Index (000001.SH) lost 0.71% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 1.23%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.67% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.85%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Xi-Biden Meeting Yields Pledge for Better Military Communications, Anti-Drug Cooperation
The Chinese and U.S. presidents agreed to resume high-level communication between the two countries’ militaries and better cooperate in combating illicit drugs such as fentanyl
· China Housing Market’s ‘Silver October’ Tarnishes
Government policies to spur real estate run out of steam in a month when demand is normally hot as sales plunge 28.4% from September
· Xiaomi Offers First Glimpse of Its Debut EVs
Chinese smartphone maker registers two electric models for assembly at Beijing factory to go on sale in the 2024 first half
· Local Hospital Officials Get Prison Time for Selling Birth Certificates
Three former senior administrators in Henan have been sentenced to up to eight years, while others in Hubei and Guangdong are in police custody
· Alibaba Expands in Europe With Investment in B2B Platform Visable
The move is part of the tech giant’s efforts to grow its country- or region-specific business, as some Chinese products lose their edge in price globally
· China, U.S. Agree to Boost Climate Cooperation Ahead of Leaders’ Meeting
A detailed action plan including holding new talks and policy exchanges was released Tuesday as President Xi Jinping landed in San Francisco for the APEC summit
· Former Senior CSRC Official Probed by Graft Busters
An Qingson, in custody of authorities since Nov. 7, suspected of corruption, Central Commission for Discipline Inspection says
· Central Bank Pushes Fintech Companies to Jump Into Credit Rating
China’s jumbled credit rating industry needs to consolidate and expand abroad, the PBOC argues in an opinion article following the Central Financial Work Conference
· Analysis: Xi-Biden APEC Meeting May Help Stabilize Ties, Won’t Change Fundamentals
The two leaders are expected to have ‘in-depth communication’ on issues of ‘strategic, overarching and fundamental importance in shaping China-U.S. relations,’ foreign ministry spokesperson says
· In Depth: Chinese Consumers Deluged With Cheap Loans
Banks are undercutting each other amid the government’s calls to support consumption and economic growth
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