SATURDAY19AUGUST/SUNDAY20AUGUST2023EuropeeditionHUDSONLOCKETTANDCHENGLENG—HONGKONGTHOMASHALE—SHANGHAIChinarevealedapackageofreformstoboostinvestmentinitsstockandbondmarketsandsteppedupitsdefenceoftherenminbiyesterday,initslatesteffortstoshoreupconfidenceintheworld’ssecond-largesteconomy.Themovesfollowgloomyeconomicdatathatshowedweakeningexportsandwaningconsumerconfidence,amidconcernabouttheriskofcrisisinChina’sonce-mightypropertysector.CountryGarden,China’slargestpri-vatelyownedhomebuilderandwidelyseenasoneofthecountry’ssaferdevel-opers,missedpaymentsoninterna-tionaldebtsthismonth,whileentitieslinkedtoconglomerateZhongzhifailedtorepaysavingsproducts...
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