China strongly opposed the United States' tariff hikes, its commerce ministry said on Tuesday, vowing it will take resolute measures to defend its rights and interests, Reuters reported. "U.S. raising Section 301 tariffs violates President Biden's commitment to 'not seek to suppress and contain China's development' and 'not to seek to decouple and break links with China'," said a statement by the ministry, adding the move will "seriously affect the atmosphere of bilateral cooperation." U.S.

Chinese property developer Country Garden made payments on two onshore bonds within a grace period, avoiding default days after the company had said it might turn to a state guarantor for help, the Wall Street Journal reported. The heavily indebted property developer said Saturday that it made interest payments totaling about 65.95 billion yuan ($9.13 billion) on two onshore bonds that had been due last week. Country Garden said that through the efforts of “all parties, the issuer actively raised funds and revitalized the mortgage assets.” It didn’t elaborate.

Two more Chinese cities have unveiled plans to buy up unsold, unfinished or old housing, coming as Beijing shifts its focus to absorbing excess apartment supply as a way to resolve the country’s ongoing property crisis, WSJ Pro Bankruptcy reported. Nanjing, the capital of Jiangsu Province, on Saturday said it would help renovate or buy housing inventories and turn them into public housing.

China's finance ministry plans to start raising 1 trillion yuan ($138 billion) in long-awaited, long-term special treasury bonds this week to raise funds it will use to stimulate key sectors of its flagging economy. The finance ministry confirmed what four sources had told Reuters earlier on Monday that the 1 trillion yuan ($138.23 billion) of special government bonds would have tenors of 20 to 50 years and issuance will begin on May 17.

China is taking the rare step of sharply increasing fares for riders on four major bullet train lines, in its broadest move to address rising costs and heavy debts since construction of the system began nearly two decades ago, the New York Times reported. The higher prices for train tickets are part of a push to raise prices for public services. Earlier this year, water and natural gas bills started going up in some cities. Public services in China are heavily subsidized by local governments.

A struggling property developer in southern China has become the litmus test for investors trying to answer that question, the Wall Street Journal reported. China Vanke is one of the biggest survivors of the property downturn, which has pushed real-estate companies to default on $140 billion of dollar bonds, according to S&P Global Ratings. It has also left millions of homes unfinished and fueled widespread alarm about a slump in the world’s second-largest economy.

China Construction Bank Corp., the nation’s third-largest commercial lender, was accused in a US lawsuit of enabling a massive fraud in the reinsurance industry that left companies with “monumental losses” and sinking stock prices, Bloomberg News reported. The bank allowed employees to conspire with Israeli insurance startup Vesttoo Ltd. to sell reinsurance policies that weren’t real, according to a complaint filed late Thursday by the Porch Group in Manhattan federal court.

China's car exports surged to a record high in April, data showed on Friday, as domestic sales slipped 5.8% from a year earlier amid intensifying price competition and consumers' caution about spending on big items during a shaky economic recovery, Reuters reported. Car exports jumped 38% year-on-year to 417,000 units in April, continuing strong momentum from the previous month which posted a 39% growth in exports, the China Passenger Car Association (CPCA) said.

Chinese developer Country Garden Holdings Co. said it cannot meet initial deadlines for interest payments on two local bonds and that a state guarantor would step in — marking the first test of a key government program to shore up builder debt, Bloomberg News reported. The company’s onshore unit cannot make the coupon payments on its 3.95% note and its 3.8% bond by an initial deadline of May 9, according to filings.

As China’s industrial capacity emerged as a key trade issue, a surge in Chinese bank loans to the sector has often been cited as evidence that Beijing is engaging in a renewed manufacturing push that could flood global markets with cheap goods, Bloomberg News reported. But an examination of those loans by researchers at Rhodium Group showed a significant amount of the money didn’t go into manufacturing at all.