A Chinese power-transformer maker has become the country’s first state-owned company to default on an onshore bond, flagging the government’s rising tolerance for nonpayments as it allows market forces to play a bigger role. Baoding Tianwei Group Co., the unit of central government-owned China South Industries Group Corp., said it will fail to pay bond interest due Tuesday, according to a statement posted to Chinamoney.com.cn, the China Foreign Exchange Trade System website. It will continue to raise payment funds via various means including asset disposal, according to the statement. Premier Li Keqiang, since he ... (full story)