Shanghai Composite Index Rose 0.26% on Tuesday

China’s benchmark Shanghai Composite Index (000001.SH) gained 0.26% on Tuesday, while the Shenzhen Component Index (399001.SZ) rose 0.26%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.24% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.27%.

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

· China’s Manufacturing Expands at Fastest Pace in Five Months, Caixin PMI Shows

A rise in new orders propelled production in May, though material shortages and higher purchasing costs dragged down the growth rate

· Energy Insider: China Starts Tracking Carbon Emissions in Real Time; Inner Mongolia Shutters 35 Crypto Miners

Five southern China provinces face pressure on electricity system amid hot weather and recovery; Fujian plans world’s largest stainless steel operation; steel prices fall

· HKEX Scraps ETF Fees to Promote Trading

Waiver applying to Hong Kong-listed fixed income and money market ETFs will lower transaction costs and is intended to lure investors

· North China’s Steel Hub May Ease Production Cuts

Tangshan authorities consider allowing more output in second half, increasing supply to counter a surge in steel prices

· Exclusive: Tencent Venture Wins License to Offer Reinsurance in Hong Kong

FuSure, which is 85% controlled by the internet giant, will be able to offer 17 types of reinsurance products in the financial hub

· China REIT Projects to Test Retail Investors’ Appetite

If pilot real estate listings succeed, government counselor estimates that 5 trillion yuan worth of domestic infrastructure could be candidates, representing more than half of the value of the decades-old U.S. REIT market

· Guangzhou Rolls Out Travel Restrictions, Neighborhood Lockdowns to Extinguish Covid Outbreak

Residents in a handful of communities have been ordered to stay at home as the city records over two dozen cases

‘Lying flat philosophy’ sweeps across social media as Generation Z seeks an alternative definition of success

· WHO Criticizes Politicization of Virus Origin; National Lockdown in Malaysia; Biden’s $6 Trillion Budget

Social media feeds in China also focused on the discovery of the remains of 215 children on the site of former Canadian school for indigenous children

· China Aims to Have 80% of People Vaccinated by Year-End; Hit-and-Run Suspect Arrested; Pachyderms on Parade

Social media interest was piqued by news of a stabbing in Nanjing, but feeds were dominated by the latest Covid-19 flare-up in the southern province of Guangdong

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This article was generated by Caixin Automation.

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