China’s onshore bond market experienced its first default as a solar-cell maker failed to pay full interest on its bonds, signaling the government will back off its practice of bailing out companies with bad debt.
President Xi Jinping’s campaign against corruption is growing into one of the broadest in China’s modern history, snaring dozens of businessmen and government officials and positioning Xi as the country’s most powerful leader in decades.
A government-controlled Chinese newspaper linked Zhou Yongkang to a corruption probe for the first time, signaling that an official announcement of an investigation into the ex-security chief may be near.
Li Shufu, the Chinese billionaire chairman of Volvo Cars, said China should allow foreign carmakers to control their operations in the world’s largest auto market to encourage competition and bring down prices.
A Chinese official who was asked to comment on media reports about ex-security chief Zhou Yongkang, some of which said he’s being investigated for graft, responded that guilty officials will be punished no matter their rank.