Citic Guoan Group, a subsidiary of state-owned conglomerate Citic, has defaulted on its Rmb3 billion bond. It is the biggest corporate bond default in China so far this year.
Chinese banks are expected to issue almost $21 billion in perpetual bonds this year. This will have a marked knock-on effect in the international capital markets.
Policies announced at the National People's Congress in Beijing will boost bond issuance in China. They promise to open up the world's third largest bond market even further.
Beijing may have thought it had called the final whistle on expensive football deals, but more sales are in the pipeline after a Chinese tycoon snapped up a top English club.