The growing caution among young buyers in China's battered property market, which accounts for a quarter of gross domestic product, presents a major challenge for policymakers in Beijing now scrambling to revive housing activity, Reuters reported. The weakness in the property sector, already buckling under huge debts, adds to the major disruptions caused by China's zero-COVID policy, which have upended factory and retail activity this year and cast a cloud over the global economy with international businesses increasingly worried about the outlook.

Chinese travel and spending has slowly started to improve as the country lifts some of its strictest coronavirus curbs, though the government’s commitment to Covid Zero has made a strong recovery elusive. Spending data from the three-day holiday weekend to celebrate the Dragon Boat Festival showed a slump in domestic tourism revenue of 12.2% from a year ago -- a much narrower drop than the 43% plunge recorded a month ago over the national Labor Day holiday.

China's services activity contracted for a third straight month in May, pointing to a slow recovery ahead despite the easing of some COVID lockdowns in Shanghai and neighbouring cities, a private business survey showed on Monday, Reuters reported. The Caixin services purchasing managers' index (PMI) rose to 41.4 in May from 36.2 in April, edging up slightly as authorities began to roll back some of the strict restrictions that have paralysed the financial city of Shanghai and roiled global supply chains.

U.S. Commerce Secretary Gina Raimondo said on Sunday that President Joe Biden has asked his team to look at the option of lifting some tariffs on China that were put into place by former President Donald Trump, to combat the current high inflation, Reuters reported. "We are looking at it. In fact, the president has asked us on his team to analyze that. And so we are in the process of doing that for him and he will have to make that decision," Raimondo told CNN in an interview on Sunday when asked about whether the Biden administration was weighing lifting tariffs on China to ease inflation.

Fitch Ratings said on Thursday it has decided to withdraw its rating on embattled property developer China Evergrande Group and two of its subsidiaries as the firms have stopped participating in the process, Reuters reported. The rating agency in December downgraded Evergrande and its subsidiaries, Hengda Real Estate Group Co Ltd and Tianji Holding Ltd, to so-called "restricted default" status, saying the firms had defaulted on their offshore bond obligations.

Chinese officials have vowed to carry out a slew of government policies to stimulate growth following Premier Li Keqiang’s recent call to avoid a Covid-fueled economic contraction this quarter, Bloomberg News reported. Ministry of Finance authorities said Thursday they would accelerate refunds of value-added taxes, make it easier for small companies to bid on government purchasing projects, and ensure that local special bonds -- which are mainly used to fund infrastructure projects -- are issued in a smooth manner, according to a ministry briefing.

China's proposed cybersecurity rules for financial firms could pose risks to operations of western companies by making their data vulnerable to hacking, among other things, a leading lobby group has said in a letter seen by Reuters. The latest regulatory proposal comes at a time when a string of western investment banks and asset managers are expanding their presence in China, either by setting up wholly-owned units or by taking a bigger share in existing joint ventures.

The European Union’s top trade official said China will exploit Russia’s need to diversify where it sells its energy, with the bloc set to ban as much as 90% of Moscow’s crude oil imports by year’s end, Bloomberg News reported. “What we are seeing, especially in this situation of Russia´s weakness, is that China is going to take good advantage of it,” European Commissioner Valdis Dombrovskis told Bloomberg on Wednesday. “It’s not going to be very advantageous for Russia.” Dombrovskis said that Russia is currently selling its oil to China at a 35% discount.

U.S. Commerce Secretary Gina Raimondo said on Tuesday the Biden administration is actively considering adding new Chinese companies to the government's economic blacklist as it investigates what it calls efforts by China to evade U.S. sanctions, Reuters reported. The Commerce Department's Entity List restricts access to U.S. exports. Raimondo told reporters the administration was working to "get information around bad actors in China and adding those companies to the Entity List ...

Economic activity in China declined for a third straight month in May, though at a slower pace than in April, according to surveys of businesses and factories, the Wall Street Journal reported. But while the surveys suggest the economy is beginning to climb out of a severe downturn as Covid-19 restrictions are eased, economists are skeptical about a big revival. Growth will remain subdued, they say, as long as the government employs a zero-tolerance approach to virus outbreaks that involves mass lockdowns and business closures.