Indian Prime Minister Narendra Modi will visit China for the first time in over seven years, a government source said on Wednesday, in a further sign of a diplomatic thaw with Beijing as tensions with the United States rise, Reuters reported. Modi will go to China for a summit of the multilateral Shanghai Cooperation Organisation that begins on Aug. 31, the government source, with direct knowledge of the matter, told Reuters. India's foreign ministry did not immediately respond to a request for comment. His trip will come at a time when India's relationship with the U.S.

China is a nation of savers. The Chinese government wants its people to spend more and save less. It also wants them to take on more debt, all for the sake of saving the economy from a four-year slump, the New York Times reported. The national financial regulator urged banks in March to expand consumer lending and offer more flexible repayment terms. Last month, policymakers promised to provide “innovative” financial services to boost consumption. Yet many Chinese consumers are wary. An alarming number of them are already defaulting on their debt.

A private gauge of China’s services sector showed activity expanded at the fastest pace in more than a year in July, as demand improved during the summer travel rush, the Wall Street Journal reported. The S&P Global China general services purchasing managers index rose to 52.6 last month from June’s 50.6, according to data released Tuesday by S&P Global. A reading above 50 suggests an expansion in activity, while a reading below suggests contraction.

Ever since President Trump began raising tariffs on goods from China during his first term, Chinese companies have raced to set up warehouses and factories in Southeast Asia, Mexico and elsewhere to bypass U.S. tariffs with indirect shipments to the American market via other countries, the New York Times reported. But on Thursday, Mr. Trump took aim at all indirect American imports, which he blames for part of the $1.2 trillion U.S. trade deficit. The president imposed 40 percent tariffs on so-called transshipments, which will take effect in a week.

Chinese leaders signaled they would refrain from rolling out more major stimulus for now, as authorities pivot to addressing excess capacity in the economy, the Wall Street Journal reported. Instead of announcing more policy support to bolster growth, the ruling Communist Party’s Politburo, China’s top policymaking body, pledged Wednesday to better execute policies that are already in place, according to a readout by state-run Xinhua News Agency.

A tactic used by Chinese automakers and dealers to inflate car sales has grown increasingly common in recent years in response to a bruising price war in the world's largest auto market, a Reuters analysis of consumer complaints has found, Reuters reported. Earlier this month, Reuters reported EV brands Neta and Zeekr had arranged for cars to be insured before buyers purchased them, a scheme that effectively inflates sales numbers and gives the appearance the companies were hitting periodic targets.

A Hong Kong conglomerate that had agreed to sell its two ports at the Panama Canal said Monday it may seek a Chinese investor to join a consortium of buyers, a move that could please Beijing but bring more U.S. scrutiny to the geopolitically fraught deal, the Associated Press reported. CK Hutchison Holdings’ initial plan to sell port assets in dozens of countries to a group that includes U.S. investment firm BlackRock Inc. pleased U.S. President Donald Trump, who has alleged that China interferes with the critical shipping lane’s operations in Panama.

China released a draft amendment to its pricing law on Thursday as part of efforts to curb excessive competition and price wars among firms, amid persistent deflationary pressures, Reuters reported. Chinese leaders have signaled they will rein in price wars among producers as expectations grow for a new round of factory capacity cuts in a long-awaited but challenging campaign against deflation - a move that could pose risks to economic growth.

China's commerce ministry called on Canada to correct the "wrong practice" of restrictions on steel imports and said in a statement on Friday it would take necessary measures to safeguard the legitimate rights and interests of Chinese firms, Reuters reported.