Weifang, China News

The Chinese official was adamant the city of Weifang would keep its rayon factory open, noting that local authorities had just stepped in to help the plant's owner repay $60 million in commercial paper.

While China is notorious for producing knock-offs and fake versions of everything from luxury bags to expensive watches, they've now become much more creative.

A Chinese maker of synthetic fibres that was on the verge of becoming the first company to default in China's bond market said on Monday that it would repay its obligation, bringing short-term relief to worried investors but raising doubts about the longer-term development of the market.

A Chinese bank may extend some short term loans to an insolvent fibre producer, Shandong Helon, to help prevent what would have been the first corporate default in the history of China's bond market, local media said on Saturday.