China will continue to roll out phased policies to stabilise its economy with a focus on reviving consumption and boosting investment, and implement these policies as soon as possible, state media cited Premier Li Keqiang as saying on Monday, Reuters reported. China will implement a variety of measures to stabilise growth, employment and prices, Premier Li said. "China will promote the recovery of consumption as the main pulling force and make greater efforts to boost effective investment, " Premier Li was quoted by state radio.

Lenders of struggling Chinese developer Evergrande Group have appointed a receiver this week to seize its Hong Kong headquarters, two sources said, as the world's most indebted developer struggles to emerge from its debt crisis, Reuters reported. Saddled with more than $300 billion in liabilities, Evergrande has been trying to sell its 26-storey China Evergrande Centre in Hong Kong's Wan Chai district after a potential $1.7 billion deal collapsed late last year, as part of the asset disposal effort to raise funds.

China is increasingly counting on its banks to step up mortgage lending and help boost a sinking housing market. But there is a problem: Lenders are stuck with many mortgages from boom times that are at higher risk of not being repaid, the Wall Street Journal reported. Chinese property developers wrote at least $300 billion of mortgage guarantees over the past few years for partially built apartments that they presold, according to regulatory filings.

Burdened with a growing pile of souring loans to the developing world the past few years, Chinese lenders have been rescheduling payments and offering more credit to borrowers in financial straits, the Wall Street Journal reported. Those strategies—reminiscent of “extend and pretend” practices of banks unwilling to recognize bad debts—failed in Sri Lanka, whose government collapsed recently under the weight of unpayable loans. Now, China’s tactics face further tests, as other developing countries flirt with financial instability amid higher inflation and rising interest rates.

State-owned companies of the Chinese northeastern city of Shenyang bought China Evergrande Group's shareholding in Shengjing Bank in an auction for 7.3 billion yuan ($1.05 billion), Alibaba auction platform showed yesterday, Reuters reported. In July, Evergrande, the world's most indebted property developer, said its unit, Evergrande Nanchang, had been ordered to pay an unamed guarantor 7.3 billion yuan for failing to honour debt obligations.

China's exports and imports lost momentum in August with growth significantly missing forecasts as surging inflation crippled overseas demand and fresh COVID curbs and heatwaves disrupted output, reviving downside risks for the shaky economy, Reuters reported. Exports rose 7.1% in August from a year earlier, slowing from an 18.0% gain in July and marking the first slowdown since April, official data showed on Wednesday, well below analysts' expectations for a 12.8% increase.

The Securities and Exchange Commission is telling American audit firms to be cautious about taking on as new clients Chinese firms that trade in New York, Bloomberg News reported. The warning on Tuesday follows several businesses switching to U.S. auditors amid an ongoing dispute between regulators in Washington and Beijing over access to audit work papers that could lead to about 200 companies being kicked off American stock exchanges.

China said it will accelerate its stimulus rollout in the third quarter as it tries to recover from a second quarter marred by pandemic-related losses, Bloomberg News reported. It’s “crucially important” for the country to adopt supportive policies this quarter, Yang Yinkai, deputy secretary general at the National Development and Reform Commission, told reporters in Beijing on Monday. He was speaking alongside officials from the central bank and other government ministries.

Chinese factory activity shrank and home sales tumbled in August, as the world’s second-largest economy struggled to shake off the impact from Covid-19 flare-ups, its worst heat wave in six decades and a deepening real-estate downturn, the Wall Street Journal reported. As the heat wave led to electricity shortages and production disruptions, manufacturing activity shrank for a second consecutive month, China’s National Bureau of Statistics said Wednesday.

One of China’s largest developers said the country’s property market has tumbled into a severe depression, using some of the strongest language yet to describe the yearlong downturn and the financial pain it has caused, the Wall Street Journal reported. Country Garden Holdings Co., which for years ranked as China’s top real-estate developer by contracted sales, on Tuesday reported a 96% drop in first-half profit after selling a third fewer homes than it did a year ago.