Sep 16, 2022 03:03 PM

Shanghai Composite Index Fell 2.3% on Friday

China’s benchmark Shanghai Composite Index (000001.SH) lost 2.3% on Friday, while the Shenzhen Component Index (399001.SZ) fell 2.3%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.16% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 2.34%.

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

· State Council Tells Financial Institutions to Slash Fees

China’s cabinet continues campaign to bolster the economy by breaking down barriers to business and offering support to smaller enterprises

· Xi and Putin Vow to 'Inject Stability' Into a 'World of Disorder'

Chinese and Russian presidents confer at Eurasian bloc summit in Uzbekistan and hail their ‘close and effective’ partnership

· Yunnan Orders Aluminum Smelters to Cut Power Use Again

The province has directed smelters to reduce electricity use by up to 30% from Thursday

· Caixin Explains: How Corrupt Officials Hide Their Wealth Overseas

With former China Life Insurance Chairman Wang Bin arrested on corruption charges, Caixin delves into the infrequently mentioned crime of concealing savings abroad

· Cyberspace Watchdog Proposes Tougher Penalties for Data Breaches

The Cyberspace Administration of China wants to increase fines to $145,000 for a variety of violations

· Starbucks to Make China Its Biggest Market by 2025, Surpassing U.S.

American coffee giant pours billions of yuan into 3,000 new stores, a coffee creative park and digital technology innovation

· Central China’s Hunan Province Faces Severe Drought

Hot, dry year dramatically crimps water supply and puts rice and other crops at risk in one of the country’s most important agricultural regions

· Chinese Miner Joins Vale in Building Second Nickel Refining Plant in Indonesia

Huayou Cobalt’s project in the country again makes use of an extraction technique known for causing environmental damage

· European Energy Crisis Boosts Demand for China-Made Electric Blankets

Heaters and other electric appliances have become hot products for customers in Europe who don't want to freeze this winter

· Local Party Chief Arrested for Alleged Rape of a Minor

Police have taken the official into custody, but deny an accusation that the crime took place while the girl’s parents were held in quarantine

Click here to read more of the latest news.

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