Last Week in Brief: Wrap of China's Financial News in Week Ended June 2
Yicai Global
DATE:  Jun 03 2019
/ SOURCE:  yicai
 Last Week in Brief: Wrap of China's Financial News in Week Ended June 2 Last Week in Brief: Wrap of China's Financial News in Week Ended June 2

(Yicai Global) June 2 -- China's loans  to small and micro-enterprises has risen 20 percent from the previous  year to CNY10 trillion (USD1.4 trillion) by April, supporting more than  23 million such firms, Yi Gang, the president of the People's Bank of  China, said at a conference.

The winning  bid for this year's charity lunch with Warren Buffett rose to a  record-high of USD4.6 million after five days of bidding, according to  eBay.

China's new  science and innovation tech board will open next month, an industry  insider projected. The Shanghai Stock Exchange will start reviewing three companies' listing applications on June 5, it announced. 

The Shanghai  Composite Index advanced 1.6 percent to close at 2,889.70 points last  week. The Shenzhen Component Index climbed 1.7 percent to 9,822.69  points. The ChiNext Price Index rose 2.8 percent to 1,486.66 points.

China cut  taxes by CNY524.5 billion (USD76 billion) in the period from January to  April. The tax and fee reductions benefited mostly the manufacturing  industry. The personal income tax reform released CNY214.3 billion in  liquidity to the financial system.

The Shenzhen  Stock Exchange has inquired listed companies about 28 violations over  the week. Most of them were about information disclosure and regulatory  violations, and 14 percent were about stock trading, the bourse  announced. 

China's  central bank opened a depository insurance fund management firm with a  registered capital of CNY10 billion (USD1.4 billion) to compensate  depositors if an insured company goes bankrupt. 

China's total  trade was worth USD424.4 billion in April, the nation's forex  administration said in a statement. The value of imports was USD213.4  billion and that for exports was USD211.1 billion.

The profits  of Chinese large manufacturing companies fell 3.4 percent from the  previous year to CNY181.3 billion (USD26.3 billion) in April, according  to official data. 

Editor: Emmi Laine 

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Keywords:   China stock market,science innovation board,tax cut,Warren Buffett,import and export