China

China's State Council, led by Premier Li Qiang, on Sunday published rules that come into force on May 1 for the supervision and management of non-banking payment institutions, Reuters reported. The rules, among other measures, implement tougher licensing regulations and call for stronger risk management of non-bank payment platforms to prevent misappropriation of funds and other criminal activities, People's Bank of China, the country's central bank, and the Ministry of Justice said in a joint statement on Sunday.

China's property sector worsened in November as negative home buyer sentiment and indebted developers drove down sales and investment, while broader retail sector activity missed forecasts, suggesting more support is needed to shore up demand, Reuters reported. The world's second-largest economy has struggled to mount a strong post-COVID recovery as distress in the housing market, local government debt risks and weakening global demand slowed momentum.

Chinese property giant Country Garden will sell a stake in a commercial center operator for about $428 million, using the proceeds to help restructure offshore debt, the Wall Street Journal reported. The indebted developer said Thursday that a group subsidiary will sell its entire 1.79% stake in Zhuhai Wanda Commercial Management Group for 3.07 billion yuan ($428.0 million). Net proceeds of the disposal will be used to restructure offshore debt. Zhuhai operates 494 commercial centers, including 290 owned by Dalian Wanda.

New bank lending in China jumped less than expected in November, even as the central bank keeps policy accommodative to support a feeble recovery in the world's second-largest economy, Reuters reported. The People's Bank of China (PBOC) is expected to deliver more modest policy easing in the coming weeks, following a pledge this week by top leaders to step up policy adjustments to support the economic recovery in 2024, analysts said.

Country Garden Holdings Co., the Chinese builder whose liquidity crunch shook the nation’s financial markets, is likely to avoid its first default on yuan bonds after most holders of a local note agreed not to demand repayment this week, Bloomberg News reported. The Shenzhen Stock Exchange met last week with some holders of the 800 million yuan ($111.5 million) security to seek such an outcome. The bond has a put option Dec. 13 that allows investors to demand repayment before maturity next year.

China’s top leaders including President Xi Jinping vowed to make industrial policy their top economic priority for next year, a message likely to disappoint investors hoping for an emphasis on stimulus, Bloomberg News reported. A readout of the annual economic work conference stressed the use of “technological innovation to lead the construction of a modern industrial system.” It also called to “vigorously” develop the digital economy and the artificial intelligence sector.

China's leaders started a closed-door meeting on Monday to discuss economic targets and map out stimulus plans for 2024, Reuters reported. The annual Central Economic Work Conference, during which President Xi Jinping and other top officials chart the course for the world's second-largest economy next year, is likely to end on Tuesday.

China will spur domestic demand and consolidate and enhance the economic recovery in 2024, the Politburo, a top decision-making body of the ruling Communist Party, was quoted by state media as saying on Friday, Reuters reported. The government has in recent months unveiled a flurry of measures to shore up a feeble post-pandemic economic recovery that has been held back by a property crisis, local government debt risks, slow global growth and geopolitical tensions.

Self-driving trucking company TuSimple Holdings said on Monday that it is winding down its U.S. business, reducing its workforce to about 30 people as it looks for a buyer for its assets that remain in the country, the Wall Street Journal reported. The demise of TuSimple’s U.S. operations marks a precipitous fall for the one-time leader in autonomous long-haul trucking. The San Diego-based company in the past year has had to grapple with safety concerns as well as government scrutiny of its dealings with a Chinese trucking startup.

China Evergrande Group said on Tuesday it received notices from court of Guangdong Province over a claim by a unit of Evergrande Property Services for the recovery of about 2 billion yuan ($280 million) in deposit certificate pledge guarantees, Reuters reported. The proceedings brought by unit Jinbi Property Management Company are related to the enforcement of Evergrande Property Services' deposit pledge of about 13.4 billion yuan. The embattled property developer said the notices regarding the claim also includes an estimated interest of 152.1 million yuan.