Shanghai Composite Index Fell 0.58% on Friday

China’s benchmark Shanghai Composite Index (000001.SH) lost 0.58% on Friday, while the Shenzhen Component Index (399001.SZ) fell 0.81%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.1% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.97%.

Below is a rundown of the top China business and finance stories, plus other news for the day:

· Energy Insider: State Council Calls Out Commodity Price Rise Twice in a Week

China issues new rules for carbon trading; Dalian Commodity Exchange revises iron ore futures contract; China approves 4 new nuclear power plants

· JD.com First-quarter Revenue Grew 39%, Beating Estimates

Profits more than triple amid rebound from pandemic and expansion of supply chain-based technology and services operations

· Analysis: Does China Plan an Even Tougher Crypto Crackdown?

Statement issued Tuesday by 3 financial industry organizations points out legal and investment risks of cryptocurrencies, adding to pressure on prices

· Forced Sell-Offs of Pledged Cryptocurrencies Turbocharge Price Plunge

Dropping prices can lead to automated mass forced sales of cryptocurrencies pledged as collateral on decentralized finance platforms

· Hong Kong Turns to Foreign-Trained Doctors to Relieve Public Health Shortage

Qualified candidates need to be permanent residents of the city but won’t have to pass a licensing exam under proposed legislation

· Merger Doubts Persist as Tencent-Backed Livestreamers Post Diverging Quarterly Results

Huya records an 8.4% increase in profit on growth in users, while rival Douyu sinks into loss as users spend less on virtual items

· One-Off Investment Gains Drive Up Tencent’s First-Quarter Profit

China’s most valuable internet company notches 65% earnings jump as revenue rises 25% in the three months through March

· Biden Says U.S. Will Win Race for Electric Car Supremacy

U.S. president’s Covid recovery package includes billions for investment to ‘win’ the new-energy vehicle sector

· Update: Founder of Property Services Giant KE Holdings Dies

Zuo Hui’s Lianjia brokerage chain pioneered the opening of China’s real estate sector and led to creation of the Beike online brokerage platform

· Wang Shuo: Any Fix to China’s Pension Woes Can’t Be a Perpetual Motion Machine

The only way to alleviate the pension system’s challenges is to make incremental gains through investment and take advantage of external resources

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