Caixin
Jun 11, 2021 03:03 PM
FINANCE

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 0.62%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.97% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.4%.

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

· Energy Insider: Gas Gets Cheaper With Pricing Mechanism Changes; China Plugs in First National Green Tech Exchange

Shanghai to roll out 5,000 fuel cell vehicles in four years; Zhejiang province braces for rising power demand; Ningxia plans $250 million wind project

· Qinghai Province Orders Closure of All Cryptocurrency Mines

China intensifies crackdown on industry that threatens financial stability while contributing to global warming through vase use of electricity

· Former Anti-Graft Investigator Faces Corruption Charges

Dong Hong, kicked out of Communist Party in April, to go on trial in Qingdao for taking an ‘extremely large amount’ of bribes, prosecutors say

· Chinese Software Developer Cardinal Operations Raises $31 Million

BOC International and Tianren Investment pony up in C-round of fundraising for artificial intelligence-driven optimization provider

· Huawei Opens Largest Cybersecurity and Transparency Center in China

Chinese tech giant will invest $1.5 million each year in its seventh such center as part of efforts to build trust in its products in the face of U.S.-led sanctions

· Top Banking Watchdog Warns of China’s Growing Financial Risks

Guo Shuqing highlights rising nonperforming loans, derivatives speculation and fintech Ponzi schemes

· French PM Self-Isolates After Wife Contracts Covid-19, Indian Olympic Body Drops Li Ning as Sponsor, Bezos Sidesteps Taxes

The 10 international stories popular on Chinese social media include reports of a South African woman giving birth to 10 babies and release of a Japanese list of Chinese intellectuals and influencers who received funds to visit the country

· City Stops 18,000 Leaving Over Covid Flare-Up, Corruption Boss on Bribery Charges, Man Arrested Over Taxi App Fraud

China administers more than 800 million Covid-19 vaccine doses, and infant mortality rate falls to 5.4%

· Update: China Passes Law Aimed at Countering Foreign Sanctions

New legislation provides strong legal basis for countermeasures

· Big Chinese Banks, Insurers Now Required to Plan for Their Own Demise

New policy aims to improve financial institutions’ ability to handle risks and reduce government bailouts

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