This July witnessed a surge in commercial paper defaults by Chinese banks, and the confidence of the Chinese public in bank deposits plummeted like never before. A China expert warned that China’s financial crisis is about to hit. Commercial Bill Defaults According to the July 2023 commercial bill default data sheet released by the Shanghai Commercial Paper Exchange in August, as of July 31, a total of 2,851 commercial bill acceptors had defaulted, an increase of about 80 percent from 1,554 in January. Of the commercial bill defaulters, 271 were banking institutions, representing a 356 percent jump in one month from 33 defaulting banks in June. The acceptor’s breach of contract means that the acceptor cannot fulfill the acceptance obligation on the note on time—that is, the cash corresponding to the note cannot be paid on time. The “overdue acceptor” announced by the Shanghai Notes Exchange refers to an acceptor who has had overdue bills at least three times and still has overdue bills in the current month....Read more https://www.theepochtimes.com/china/271-chinese-banking-institutions-in-default-a-new-signal-of-chinas-financial-crisis-5488123
News Analysis Many foreign investors are concerned and asking questions about how China’s slowing economic growth, real estate crisis, and other economic problems could impact their businesses and interests. China, the world’s second-largest economy and a major engine of global growth, is facing enormous economic challenges, prompting fears about its stability and future. Although Beijing claims that the economy has returned to its pre-pandemic trend level, a deepening real estate crisis, external headwinds like trade tensions with the United States, massive debt burden, and global inflationary pressures have reduced China’s export competitiveness and are threatening to send the economy into a long-term slump.... 
Apple shares rebounded at the end of the trading week following a two-session skid that saw the tech titan eliminate about $200 billion in valuation. The decline was driven by reports that China would prohibit government employees from using iPhones as their work phones. The world’s largest company by market cap climbed about 1 percent during the Sept. 8 trading session to around $180 per share. The stock is poised for a weekly loss of nearly 5 percent. Apple’s suppliers also took a hit this week. Shares of Largan Precision, a Taiwanese camera lens maker, tumbled 4 percent. Chip contractor Taiwan Semiconductor Manufacturing (TSMC) stock was down about 2 percent this week....
House Speaker Kevin McCarthy (R-Calif.) on Thursday criticized China’s “falsities” regarding Japan’s release of treated radioactive water from the wrecked Fukushima nuclear power plant. Japan began releasing treated radioactive water from the Fukushima nuclear power plant on Aug. 24, a move strongly opposed by Beijing, which imposed a blanket ban on all aquatic imports from Japan. Mr. McCarthy, who arrived in Tokyo on Sept. 7 for the G7 speakers’ meeting, expressed his support for Japan and said that China’s stance on the Fukushima water discharge contrasted with that of other countries. “I just view it as another way of the Communist Party of China putting falsities out there, trying to divide,” he told reporters. “And it’s just an unfair position that they have and a false position that they have from the rest of the world’s stance.”...