Exiled Chinese businessman Guo Wengui has said that he will drop his personal bankruptcy case because he says he does not have the money to cover the associated legal costs, Reuters reported. Guo, the former real estate magnate who fled China for the U.S. in 2014 ahead of corruption charges, said in court papers filed on Wednesday that he would not contest a call for his chapter 11 case to be thrown out by a fund that loaned money to Guo's companies.

Sunac China, once one of the country’s best-performing developers, failed to make an overdue interest payment on a U.S. dollar bond, marking a comedown for founder Sun Hongbin, who had tried for months to prevent his property giant from spiraling into default, the Wall Street Journal reported. Tianjin-based Sunac on Thursday said it couldn’t cobble together enough money to make a $29.5 million bond-coupon payment by the end of a 30-day grace period.

For decades, the world has depended on China as a massive factory floor and market. As the country’s economic growth crumbles, the pain is spreading globally, the Wall Street Journal reported. Lockdowns aimed at stamping out Covid-19 are throttling activity in the world’s second-largest economy. Overseas demand for China’s exports is fading as economies wrestle with surging prices and rising interest rates. The effects of China’s slowdown are showing up everywhere from German factories to Australian tourist spots.

China's central bank said on Monday it would step up support for the slowing economy, while closely watching domestic inflation and monitoring policy adjustments by developed economies, Reuters reported. The People's Bank of China (PBOC) will keep liquidity reasonably ample, prioritise stability and take steps to boost confidence, the bank said in its first-quarter monetary policy implementation report.

China's new yuan loans are expected to have dropped in April after a rebound in March as credit demand weakened, a Reuters poll showed, even as the central bank keeps policy accommodative to support the slowing economy, Reuters reported. The Chinese economy has taken a hit as authorities raced to stop the spread of record COVID-19 cases, which have led to a full or partial lockdown in dozens of Chinese cities, including a city-wide shutdown in the commercial hub of Shanghai in April.

China's central bank said on Friday it launch a 100 billion yuan ($15 billion) relending facility to support the transport, logistics and storage sectors which have been hit hard by COVID-19, Reuters reported. The People's Bank of China (PBOC) will better combine its broad-based and structural policy instruments, and constantly optimise its structural policy system, it said in a statement posted on its Wechat account.

A business group warned on Thursday that China’s “dynamic zero Covid” policies have left European companies considerably less willing to continue investing in the country, the New York Times reported. A survey by the European Union Chamber of Commerce in China found that the tone among European businesses in the country had soured since January, when a survey found broad optimism and plans for further investment.

China's central bank on Wednesday pledged monetary policy support to ensure ample liquidity, help businesses badly hit by the latest COVID-19 outbreak in the country and support a recovery in consumption, Reuters reported. The remarks came after a top decision-making body of the ruling Communist Party last week also vowed to support the economy. "(We shall) waste no time planning incremental policy tools to support steady economic growth, stabilise employment and prices ... to provide a fair monetary and financial environment," the People's Bank of China said in a statement on Wednesday.

Throttled by Beijing’s zero-tolerance approach to Covid-19, China’s economy is facing a spell of slower growth. Economists are toying with the term “recession” to describe it, the Wall Street Journal reported. A recession commonly means two straight quarters of contraction, and that remains unlikely for China, many economists say. The country has many ways to ensure it posts stronger growth than the U.S. and Europe this year, including the ability to unleash heavy government spending.