At closing bell, the benchmark Shanghai Composite Index fell 0.98%, or 35.33 points, to 3,562.31. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 1.11%, or 26.88 points, to 2,397.51. The blue-chip CSI300 index decreased 1.31%, or 64.94 points, to 4,898.16.
Chinese tech stocks tumbled as a flare-up in Sino-U.S. tensions sparked fears that more scrutiny from Washington could be in store for the sector. The US Federal Communications Commission revoked the license that allows China's largest telecom operator China Telecom Corp to do business in the U.S., citing national security concerns, dealing the latest in a series of blows against major Chinese businesses in the country.
Shares of environmental protection-related companies and new energy vehicles advanced on the country's plans to hit a carbon emission peak before 2030. China's cabinet said the country will take action to reduce waste, promote renewables and unconventional fuel, and reform its electricity network as part of its plan to bring carbon emissions to a peak before 2030.
ECONOMIC NEWS: China Industrial Profits Climb 16.3% On Year In September- China's industrial profits in September rose 16.3% on year to 738.74 billion yuan, following a 10.1% rise in August, even as surging raw material prices and supply bottlenecks squeezed margins and weighed on factory activity. For the January-September period, industrial firms' profits grew 44.7%% year-on-year, slowing from a 49.5% increase in the first eight months of 2021, the statistics bureau said on Wednesday. Liabilities at industrial firms rose 8.2% from a year earlier at end-September, down from 8.4% growth as of end-August. The industrial profit data covers large firms with annual revenues of over 20 million yuan from their main operations.
CURRENCY NEWS: China's yuan was little changed against the U.S. dollar on Wednesday as firmer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint CNY=PBOC at 6.3856 per dollar, 34 pips or 0.05% firmer than the previous fix of 6.3890. In the spot market, onshore yuan CNY=CFXS was changing hands at 6.3849 by midday, 19 pips weaker than the previous late session close of 6.3830.
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