The idea that China can borrow indefinitely in order to prop up growth simply doesn't wash, Bloomberg View reported in an analysis. In a new report on the world's growing debt glut, McKinsey highlights three huge risks: unsustainably high government borrowing, households in over their heads and China. The mainland earns its singular position because of another trio of concerns: too much debt concentrated in real estate; the scale and complexity of its shadow-banking entities; and rampant off-balance sheet borrowing by local governments.

Vietnam’s central bank appears to be fulfilling its recent promise to accelerate the restructuring of the country’s banking system, which is burdened with non-performing loans, The Wall Street Journal Frontiers blog reported. This week, the central bank announced it had taken over the unlisted Vietnam Construction Bank, which has reportedly been losing money, and put it under the management of the Bank for Foreign Trade of Vietnam — known as Vietcombank — which is more than 90% state-owned.

Japan's Skymark airlines, which last week filed for bankruptcy protection, will seek other sponsors alongside investment fund Integral Corp to help turn its business around, Skymark and Integral said on Thursday. Skymark filed for protection from creditors with total liabilities of 71.09 billion yen ($605.7 million). Integral has agreed to provide 9 billion yen to help keep the business going, said Nobuo Sayama, representative director of the fund.

High-profile fashion designer Josh Goot has placed his eponymous label in voluntary administration in a bid to withstand the “well-documented difficult trading conditions in the fashion industry”. Michael Smith and Peter Hillig of Smith Hancock were appointed administrators of Josh Goot on February 2. Goot founded the label in 2005. The business currently operates two retail stores, in Paddington in Sydney and Armadale in Melbourne, along with a wholesale business, and all parts of the business are expected to continue to trade throughout the administration process.

China’s tax officials plan to step up efforts to collect taxes from multinational corporation in the latest of a series of moves in the last year, mostly against Western companies. The activities have included police raids on the headquarters of companies’ China operations and heavy fines under antimonopoly law, the International New York Times reported. The State Administration of Taxation said that it would be looking in detail at how companies move money and allocate costs among their Chinese operations and their overseas businesses.

Beijing may have decided the slowing economy doesn’t require a nationwide stimulus campaign as yet, but that doesn’t mean individual provinces aren’t trying anyway, The Wall Street Journal China Real Time Report blog reported. According to data published by the People’s Bank of China on Tuesday, total social financing – the central bank’s broad measure of total outstanding credit in the economy – in chilly northeastern Heilongjiang province rose by 110.9 billion yuan ($18.1 billion) between the end of September and the end of the December.

Japan's Skymark Airlines Inc is looking for a "business sponsor" to help it emerge from bankruptcy, a move that could eventually give control of the fiercely independent budget carrier to its rivals. Japan's biggest budget airline, which sought protection from creditors last week, said a sponsor could help it cut costs and increase revenue, according to a Jan. 28 court filing seen by Reuters on Tuesday.

The property developer Kaisa Group said on Monday that its chief executive had resigned — another blow to the embattled company that may become the first Chinese home developer to default on foreign bonds, the International New York Times reported. The company said its chief, Jin Zhigang, had stepped down “to devote more time to his personal career development” and would continue as executive director. It added that there had been no disagreement with the board.

In the heart of Macau stands a 56-story tower with soaring gold-trimmed arches. On the second floor of the L’Arc Macau, there’s a sight that would have been unimaginable a year ago: An abandoned room for high-end gamblers, Bloomberg News reported. There are no tables, no dealers and no players. Carpets have been rolled up, leaving a trash-covered concrete floor. A sign on the VIP room reads “Heng Sheng Group,” one of Macau’s top junket operators, which shuttle Chinese high-rollers to exclusive gaming venues and finance their bets.

Embattled Chinese property developer Kaisa Group, which sold some of its Shanghai assets at the weekend, said on Monday its chief executive officer has resigned, Reuters reported. The company said in a stock exchange notice that Jin Zhigang had quit "to devote more time to his personal career development" and would continue as executive director. It added that there had been no disagreement with the board.