(Yicai Global) July 29 -- Below is a roundup of Yicai Global's top financial, business and markets news on China last week. 

China occupied 129 spots on the Fortune Global 500 this year, surpassing the US for the first time. The North American nation had 121 companies on the list. 

The first 25 firms listed on China's new Star Market saw their share prices more than double during the first week. This week, the market will start implementing 20 percent daily price limits to control such high swings. The turnover over last week was over CNY140 billion (USD20.4 billion) and the average price-to-earnings ratio was 120.

Regulators fined 29 private equity funds that purchased more Star Market shares than allowed. The watchdogs ordered underwriters to strictly follow the rules when conducting due diligence ahead of initial public offerings. 

In the first half of this year, Chinese state firms increased their operating incomes 7.8 percent to CNY29.5 trillion (USD4.3 trillion) from the previous year, according to the Ministry of Finance. The total profit was CNY1.8 trillion, up 7.2 percent. The fields of power generation, property and building materials boosted their profits rapidly. 

China's urban unemployment rate remained at around 5 percent in the first six months of this year, the Ministry of Human Resources and Social Security released on July 25.

In the second quarter, the US annual growth of gross domestic product was 2.1 percent, the US Department of Commerce said in a report published on July 26.

China's industrial companies above designated size earned a total profit of CNY3 trillion in the first half, down 2.4 percent annually, according to the National Bureau of Statistics. 

Chinese regional governments' newly issued special bonds reached CNY1.4 trillion in the first half, taking up nearly 65 percent of this year's quota.

The Shanghai Composite Index rose 0.7 percent over the week to 2,944.54 points. The Shenzhen Component Index advanced 1.3 percent to 9,394.00 points. The ChiNext Index added 1.3 percent to end the week at 1,561.86 points.

Editor: Emmi Laine