Caixin
Jun 03, 2021 03:03 PM
FINANCE

Shanghai Composite Index Fell 0.36% on Thursday

China’s benchmark Shanghai Composite Index (000001.SH) lost 0.36% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 0.65%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.86% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.27%.

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

· China’s Services Expansion Slows, Caixin PMI Shows

Business confidence drops to four-month low in May amid concerns over the global economic recovery, decline in export orders

· Energy Insider: Shandong Faces Summer Electricity Shortfall; Titan Wind Energy Projects Profit Surge

Dongfang Electric Heating wins $17.6 million supply bid; Chalco issues $62.7 million of carbon neutrality bonds; Yangtze Power invests in Shanghai Electric Power

· China Suspends High-Risk Sports Events After Deadly Gansu Race

National sports authority to conduct inspection of cross-country races, wingsuit flying and ultramarathons and press for improved standards and safety

· Chinese LGFV Debt Issuance Plunges in May

Amid government pressure to defuse local authorities’ debt risks, financing vehicles repaid more bonds than they issued for the first time in almost 3 years

· Exclusive: China Is Likely to Lower Cap on Banks’ Deposit Rates

The move can ease fierce competition among lenders that previously helped push up lending rates and businesses’ borrowing costs

· China Seeks to Strengthen Money Laundering Law With Higher Fines, Broader Scope

PBOC releases draft revision that would improve enforcement against terrorist financing and stipulate nonfinancial parties’ obligations in monitoring their clients for illegal activity

· In Depth: The $15 Billion Chinese Fast Fashion App You’ve Never Heard Of (Part 1)

Closely-held Shein is valued among the world’s biggest tech startups and is challenging Western rivals like Zara with a wide product range sold at bargain-basement prices

· Opinion: Preventing Destructive Confrontation ― Perspectives from the Shanghai Middle Class

China’s hundreds of millions of middle-class residents hold open-minded, worldly views and values, demand government accountability, and posses a strong desire to work with the United States

· Hong Kong Turns to Carrot and Stick to Boost Sluggish Vaccination Drive

Unvaccinated residents might be banned from restuarants in subsequent Covid waves, while those who have had their jab might ride subway for free

· South China Covid-19 Outbreak Cancels Flights, Slows Seaborne Freight Handling

Tightened restrictions to curb the spread in Guangdong grounds 63% of flights in province’s capital

Click here to read more of the latest news.

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