Last Friday, China announced that it would cut off credit to force consolidation in industries. The latter was plagued by overcapacity as it looked to end the country's economic dependence of extravagant investment funded by cheap debt.

Beijing laid out diverse plans to ensure banks supported the kind of rebalancing for China's economy. This was stated in a statement from the State Council. The new leadership in the country wanted to focus more on high end manufacturing.

China's President Xi Jinping and Premier Li Keqiang have flagged for some time that the fast growth of the past three decades needed a shift down a gear. Analysts said last Friday that the announcement was a signal that the leaders of the Asian giant intended reforms despite the evidence of a sharper than expected slowdown.

China Rongsheng Heavy Industries Group is China's largest private ship maker. On Friday, the shipbuilder appealed for financial help from the government and big shareholders. This was after cutting its workforce and delayed payments to its suppliers.