Bohai Steel Group, a debt-stricken state-owned enterprise, has entered bankruptcy proceedings as Tianjin Higher People’s Court accepted its creditor Tianjin Seri Machinery Equipment Corp., Ltd.’s application to reorganize Bohai Steel Group on August 24th, China Money Network reported. The group’s bankruptcy and reorganization process involves 48 businesses located in Tianjin and Hebei province. China Banking and Insurance Regulatory Commission said it will work with Tianjin municipal government to establish a creditors committee.

China’s consumer finance industry is sagging under an intensifying campaign of regulation, Bloomberg News reported. That could be a problem for an economy that’s relying on domestic demand to sustain growth amid the trade war with the U.S. The government has started a fresh round of checks on thousands of peer-to-peer lending sites, Bloomberg News reported last week. Meanwhile, shares of U.S.-listed cash-loan provider Qudian Inc. fell 12 percent on Friday after a separate Bloomberg report that it would lose access to customers through Ant Financial’s Alipay app.

U.S. officials seem to think they have the upper hand in trade talks with China because its economy is struggling. Judging by the string of measures they’ve recently announced to shore up growth, Chinese officials may privately agree. The trouble is, such measures aren’t going to work as fast or as well as markets seem to think they will. China’s growth woes are homegrown, not the result of U.S. tariffs, a Bloomberg View reported.

China is tightening its clampdown on cryptocurrencies, nearly a year after the government imposed a wide-ranging ban on local exchanges and fundraising for digital currencies, The Wall Street Journal reported. Financial officials in an eastern district of Beijing issued a notice last week to stores, hotels and offices urging them not to host any cryptocurrency-related speeches, events or activities.

As China’s economy slows and the trade war with the United States intensifies, Beijing’s economic bosses are swinging into action, the International New York Times reported. Chinese officials are pushing banks to lend more and allowing indebted local governments to spend money on big projects again. They have moved to shore up the value of the country’s currency. They have also helped out the stock market, say financial analysts, as the government works to avert a stock market collapse like the one three years ago that shook the world.

Zhejiang Shipbuilding, a bankrupt subsidiary yard of Sinopacific Shipbuilding, has released a draft restructuring plan, Splash reported. Under the plan, Shanghai Yingjun Investment Management Company, a wholly owned subsidiary of China’s real estate conglomerate Evergrand Group, will provide RMB1.501bn ($220m) to support the restructuring of the yard. Upon completion of the restructuring, Yingjun Investment will gain full control of the yard. Zhejiang Shipbuilding has total confirmed liabilities of RMB3.178bn and a total asset value of RMB953m.

Six HNA Group Co. units have lost about $10 billion in market value since their shares resumed trading in the past few weeks, underscoring persisting concerns about the conglomerate, which is saddled with one of the biggest piles of debt in corporate China, Bloomberg News reported. Total losses topped the milestone during early trading in Shanghai and Shenzhen on Tuesday, though they pared back declines to about $9.8 billion as of the midday break. All the units have underperformed their benchmark indexes since the share suspensions, with Hainan HNA Infrastructure Investment Group Co.

In the world’s most vital maritime chokepoint, through which much of Asian trade passes, a Chinese power company is investing in a deepwater port large enough to host an aircraft carrier, the International New York Times reported. Another state-owned Chinese company is revamping a harbor along the fiercely contested South China Sea. Nearby, a rail network mostly financed by a Chinese government bank is being built to speed Chinese goods along a new Silk Road.

As former cricket star Imran Khan prepares to take his oath as Pakistan’s new prime minister Saturday, there’s one thing he must be clear about: Pakistan may be China’s friend at the moment, but the relationship could quickly turn sour. In the next month or so, Islamabad may have to take another bailout package from the International Monetary Fund — the country’s 13th, a Bloomberg View reported. The State Bank of Pakistan now holds just over $10 billion in foreign exchange reserves, giving enough room to buy only two months’ worth of imports. But the IMF route is tedious.

A Chinese local-government investment platform that defaulted on a Rmb500m bond payment on Monday has belatedly repaid the debt, according to local media, the Financial Times reported. China Business News, a respected Chinese newspaper, cited unnamed sources to report that Sixth Agriculture State-Owned Assets Management Co had already transferred the full amount due for principal and interest on the bond to Shanghai Clearing House, one of two main state-owned clearing house and custodians for China’s interbank bond market.