China’s benchmark Shanghai Composite Index (000001.SH) lost 2.49% on Tuesday, while the Shenzhen Component Index (399001.SZ) fell 3.67%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.75% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 4.11%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Cover Story: How Historic Rainfall Overwhelmed Zhengzhou
Five-year-old, $8.3 billion ‘sponge city’ program for handling floods falls short as toothless red alert warnings go unheeded
· Energy Insider: China’s Green Energy Capacity to Exceed Coal for First Time
Li Auto clears hearing to sell shares in Hong Kong; Sandong Xuguo obtains $4.6 million loan backed by carbon credits; steel output curbs to limit scrap price rises
· Meituan Shares Plunge 14% as New Regulations Threaten Higher Costs
China issues sweeping new guidelines for online delivery platforms, ordering them to pay social insurance and minimum wages for drivers following reports of abuses
· Update: China Urges U.S. to Lift Sanctions, Visa Restrictions on Chinese Citizens
Foreign Minister Wang Yi spells out baselines for keeping U.S.-Sino relations from going off the rails in a meeting with Deputy Secretary of State Wendy Sherman
· Hainan Promises to Put Foreign Service Providers on Equal Footing, Mostly
Beijing releases a negative list for the South China island province that will open up cross-border services trade to overseas firms, provided they don’t violate 70 restrictions in 11 industries
· Temasek Makes Carbon Emissions Essential to Its Investment Decisions
Internal carbon emission price has been added to Singaporean sovereign wealth fund’s valuation model
French president attends Tokyo Games opening ceremony and China administers 1.5 billion doses of Covid-19 vaccines
· Citic Securities Plans to Take Stake in New Private Pension Venture
Push for private, ‘third pillar’ pension schemes seen as way for China to contend with looming shortfalls in existing state-backed and employer-based pension systems over next five to 10 years
· Chinese Truck-Maker Says Unpaid Stake Sale of German Auto Brand Sinks Earnings
Beiqi Foton Motor claims it could have doubled its reported gross profit to more than 1 billion yuan in the first half of this year if it had received the money for its 67% of automaker Borgward
· Delivery, Ride-Hailing and Other Flexible Workers to Get New Labor Protections, Guidelines Say
Eight government agencies spell out 19 measures to safeguard the flexibly employed, including regulating employment relations, improving occupational injury insurance and setting minimum wage schemes
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This article was generated by Caixin Automation.
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