Caixin
Jan 12, 2023 03:03 PM
FINANCE

Shanghai Composite Index Rose 0.05% on Thursday

China’s benchmark Shanghai Composite Index (000001.SH) gained 0.05% on Thursday, while the Shenzhen Component Index (399001.SZ) rose 0.23%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) ended nearly flat for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.51%.

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

· China’s 2022 New-Energy Vehicle Shipments Nearly Double

BYD, SAIC-GM-Wuling and Tesla lead surge to 6.5 million shipments of electric and hybrid autos, accounting for 27.6% of industry

· Chinese Consumers Are Set to Power the Recovery, UBS Says

Spending on appliances, furniture, dining and travel — fueled by $589 billion of ‘excess savings’ during the pandemic — should outpace GDP growth in 2023

· China’s Banks Need to ‘Lean Forward’ in Backing Builders, Regulators Say

Central bank and banking regulatory commission emphasize helping property sector in meeting with financial institutions to outline policy priorities

· Shenzhen Aims to Build $4.2 Trillion Wealth Management Industry by 2025

City outlines plan to leverage Greater Bay Area’s cross-border financial services policies in attracting at least 100 top wealth management institutions

· Caixin Explains: Why Countries Are Putting Curbs on Travelers From China

On Tuesday, the Chinese embassies in Japan and South Korea retaliated against both countries by suspending visa issuance. This is the first time Beijing has pushed back against these restrictions, some of which have been in place since late December

· Airlines Overwhelmed by Travel Boom After China Ditches Quarantine

The number of flights into and out of the mainland is growing, but demand is far outstripping supply and ticket prices are soaring

· Covid Roils Shanghai’s Commercial Property Market in Fourth Quarter

Quarter on quarter, average daily rents for office space fell 0.3% while the vacancy rate jumped to 17.6%, new data show

· China’s Banking Regulator Appoints First Vice Chairwoman

Cong Lin, previously director of the CBIRC’s Fujian province office, has replaced a retiring deputy

· Former Top Graft Investigator Gets Suspended Death Sentence for Bribery

Liu Yanping, who took over $34.5 million in return for favors, is the latest official to be jailed who had links to former Public Security Vice Minister Sun Lijun

· Vaccine-Maker CanSino Bio Plans Swiss Listing

The company, which has developed multiple Covid-19 vaccines, aims to tap new international financing and boost its global brand

Click here to read more of the latest news.

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