China’s benchmark Shanghai Composite Index (000001.SH) lost 1.1% on Friday, while the Shenzhen Component Index (399001.SZ) fell 1.61%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.1% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 2.61%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· China Reviews Special Bond Projects to Improve Fund Efficiency
Vice Finance Minister Xu Hongcai says fund allocations will be suspended for projects that miss performance targets as local governments review 2019-20 programs
· Shenzhen to Set Up Securities Arbitration Center
Stock exchange and Shenzhen Court of International Arbitration create organization to explore a new approach to resolving securities and markets disputes
· China Plans $1.72 Billion National Pension Company
As part of the government’s response to the rapid aging of the population, 17 financial institutions will take stakes in the new operation
· Huarong Bonds Surge on Bailout Hopes Despite Huge Loss
State-owned asset management giant plans to bring strategic investors on board
· Ride-Hailing Companies Should Pay Their Drivers Better and Limit Their Hours, Transport Authority Says
Senior official says some ride-hailing platforms have made ‘arbitrary’ changes to drivers’ terms after achieving market dominance
· Investors Dump More Alibaba Shares as Bears and Bulls Grapple
T. Rowe Price ditches 16 million American depositary shares while Goldman Sachs buys nearly 6 million
· Tencent Earmarks 50 Billion Yuan for ‘Common Prosperity,’ Beijing Says No to Shared Electric Bikes in City, H&M Fined
White House admits ‘a fair amount’ of U.S. military equipment has fallen into Taliban hands, and Nanjing lowers its Covid-19 risk level
· China’s Lawmakers Plan to Make Personal Data Portable Across Platforms
Legislation aims to address excessive collection of information, illegal trading and data leakage
· China’s Financial Regulators Summon Debt-Ridden Developer Evergrande for a Talk
The central bank and the banking regulator directed the property giant to ‘maintain stable business operations’ and ‘resolve debt risks’
· U.S. Slashes Inbound Chinese Passenger Flights to 40% Capacity
U.S. Department of Transportation’s order will affect flights of Air China, China Eastern Airlines, China Southern Airlines and Xiamen Airlines
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