Caixin
Jun 23, 2022 03:03 PM
FINANCE

Shanghai Composite Index Rose 1.62% on Thursday

China’s benchmark Shanghai Composite Index (000001.SH) gained 1.62% on Thursday, while the Shenzhen Component Index (399001.SZ) rose 2.19%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.71% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 3.09%.

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

· Polysilicon Price Hits 11-Year High on Surging Solar Panel Demand

Key green energy material gains 25.8% in a year, sparking Chinese suppliers to plan a quadrupling of capacity by next year

· Xi Jinping Slams Sanctions as ‘Double-Edged Sword’ Hurting World Economy

Chinese president in opening remarks at BRICS summit calls for strengthened macroeconomic policy coordination in the face of global economic crisis

· Housing Crash Forces Developers to Slash Sales Goals

Widespread Chinese government measures fail to move the needle in spurring a market hammered by Covid controls and a sagging economy

· Ansteel May Take Over Lingyuan Iron & Steel

Lingyuan discloses talks on combination that would give China’s second-largest steelmaker a 10% jump in capacity

· Opinion: Possible Tariff Rollback Won’t Alter U.S. Strategy to Contain China

As the U.S. stares down record inflation, it plans to ‘outcompete’ China in key areas

· Local Officials Punished for Abusing China’s Health Code System

Four cadres in Zhengzhou have been given penalties for using the Covid control system to stop people from taking their money out of ailing local banks

· Sacked Head of Chinese Property Firm Claims Conspiracy Amid Insider Trading Allegations

Ex-chairman of Gree Real Estate claims he’s been set up and accuses local police in Shangrao of illegal conduct

· China’s Courts May Be Given More Tools to Deal With Debt Defaulters Who Ignore Rulings

Country’s top legislature is reviewing a proposed compulsory civil enforcement law, the first of its kind in China, which aims to better protect creditors’ rights by toughening penalties for willful defaulters

· Almost 80% of China’s Logistics Firms Report Falling Profits in First Five Months, Survey Shows

Road freight volumes tumbled by as much as 30% as ‘zero-Covid’ policy forced highways to close and drivers to quarantine

· TikTok Wins Rights to Stream FIFA World Cup

China's state broadcasting behemoth has picked the short video app as a partner to deliver the tournament to Chinese fans online

Click here to read more of the latest news.

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