Caixin
Jul 22, 2021 03:03 PM
FINANCE

Shanghai Composite Index Rose 0.34% on Thursday

China’s benchmark Shanghai Composite Index (000001.SH) gained 0.34% on Thursday, while the Shenzhen Component Index (399001.SZ) rose 0.33%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.05% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.44%.

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

· Energy Insider: China Tackles Cement Overcapacity; Hydrogen-Fueled Trucks Hit Road in Beijing

State Grid pays $510 million for Brazilian company; China rolls out world-beating maglev train; aluminum alloy plant explodes in Henan flooding

· The Struggle to Survive in Zhengzhou’s Flooded Subway

Chen Xing on stalled Line 5 train fails to escape through surging waters but is rescued after passengers smash windows for air in swamped car

· China to Back Shanghai’s Trial of Free Use of Yuan

Central bank’s research chief elaborates on plans to support newly issued guidelines designating the city’s Pudong district to take the lead in further financial opening-up

· Senior U.S. Diplomat to Visit China to ‘Responsibly Manage’ Bilateral Ties

Deputy Secretary of State Wendy Sherman, who is set to meet with Foreign Minister Wang Yi in Tianjin on Sunday, will be the second senior American official to visit since Biden took office

· State Grid Aims to Give Jolt to Bloated Brazilian Peer With $510 Million Stake Deal

Chinese SOE takes 66% of power distributor CEEE, which is being sold by the government in an effort to improve its efficiency

· Update: Torrential Rains and Flooding Leave 25 Dead in Central China

Floodwaters swamp a train and subway station in Henan province’s capital Zhengzhou, forcing a rescue operation

· Five Things to Know About How China Is Tackling ‘Too-Big-to-Fail’

New rules will require financial institutions to write living wills detailing how they will cope in the event of a crisis

· China Rolls Out World-Beating Home-Made Maglev

The debut paves the way for large-scale deployment of trains capable of speeds of up to 600 kilometers per hour

· Central China Hit by Deadly Rainstorms, Tencent Wins WeChat Piracy Case, ‘Bad Stars’ to Be Disciplined by Industry

Shanghai to get support for yuan liberalization, and global CO2 levels reach 800,000-year high

· Chipmaker Tsinghua Unigroup Starts Search for Strategic Investors to Fund Bankruptcy Restructuring

New backers should be capable of taking over core chipmaking and cloud computing businesses, company says

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