China’s benchmark Shanghai Composite Index (000001.SH) lost 2.09% on Wednesday, while the Shenzhen Component Index (399001.SZ) fell 2.58%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 2.62% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 3.0%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China’s Economy Expanded 5.2% in 2023, Exceeding Target
Fourth-quarter GDP grew by 5.2% year-on-year, compared with a 4.9% increase in the third quarter, official data show
· Country Garden Pledges to Deliver Over 480,000 Units in 2024
The once largest Chinese developer said the focus of 2024 is still to “guarantee delivery, guarantee operation and guarantee credit.”
· Huawei Faces Delays in EV Deliveries
Supply chain issues could be why the Chinese tech giant has failed to deliver the Luxseed S7 sedan it developed with Chery Automobile on schedule
· China, Switzerland to Discuss Upgrading 2013 Trade Deal
During a meeting with the Swiss president, Premier Li Qiang offered visa-free treatment, continuation of high-level exchanges
· China’s Economy Likely Grew Around 5.2% in 2023, Premier Says
Choosing the China market isn’t a risk, but an opportunity, Li Qiang’s tells the World Economic Forum, saying the long-term trend of growth won’t change despite the ebb and flow
· Tech Insider: CATL’s Beijing Battery Plant, BYD Pulls Further Ahead
Tesla cuts prices in China, Tencent-ByteDance ceasefire holds with livestream deal
· Three Executives Fined $93 Million by CSRC for Manipulating Stock Price
Company chairmen colluded to inflate JT Automation’s share price and cash in, illegally pocketing $9 million, CSRC reports
· The University of Macau is to Build a New Campus in Hengqin
Sister campus development is seen as a successful trial of the cooperation zones that aims to create synergies between Macao and Hengqin
Taiwan will return to the embrace of the motherland, said Wang Yi, after DPP’s Lai Ching-te wins leadership election
· Exclusive: Guotai Junan Securities to Promote New President
Li Junjie, a vice president at the state-owned brokerage, is set to replace Wang Song, who is retiring after more than eight years in the position
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