Mar 10, 2023 03:03 PM

Shanghai Composite Index Fell 1.4% on Friday

China’s benchmark Shanghai Composite Index (000001.SH) lost 1.4% on Friday, while the Shenzhen Component Index (399001.SZ) fell 1.19%.

Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 0.48% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 0.1%.

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

· Weekly Must-Read: TikTok’s Chinese Twin Is Taking On Alibaba and Meituan for E-Commerce Market Share

Like ByteDance’s TikTok, the Douyin video sharing app deploys live-streaming in the competition for consumers in the online marketplace

· China Elects New Head of Legislature

Zhao Leji, the Communist Party’s No. 3 official, will take the helm of the NPC for the next five years, while Li Hongzhong and Ding Zhongli were appointed vice chairs of its standing committee

· Xi Jinping Reelected as China’s President

Lawmakers also declared Han Zheng as vice president of the country, replacing Wang Qishan who had been in the position since 2018

· PDD Gears Up Global Push With Cross-Border Platform Temu

Following North American launch, the Chinese e-commerce heavyweight plans to debut in Australia and New Zealand

· Covid Vaccinations Cost China $21.5 Billion Over Two Years

National Healthcare Security Administration reports on condition of the national health insurance fund, which still has $618 billion

· WM Motor Seeks Parts Suppliers to Resume Production

Trouble electric-vehicle maker is also looking for investors after it ran out of money last year and suspended factories in Zhejiang and Hubei provinces

· Chinese Share Sales in Europe Gain Importance as Financing Tool, UBS Exec Says

Issuance of global depositary receipts in Zurich by publicly traded Chinese companies raised seven times as much as U.S. IPOs last year

· Officials Face Steep Pay Cuts Under China’s Financial Regulatory Overhaul

Salaries of employees of the new watchdog and CSRC could drop by more than 50% as pay grades fall into line with other public servants

· BYD Enters U.K. Passenger Vehicle Market With All-Electric SUV

A move into Europe’s No. 2 auto market is a part of BYD’s broader plan to tap into the continental market, where it is exploring building its own plants in a bid to become more competitive and avoid hefty import taxes

· China Vows to Get Tough on Online Crimes Behind Cyberbullying

Supreme People’s Court president says the internet will never be allowed to become ‘a lawless place’

Click here to read more of the latest news.

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