Meanwhile, in China…..

China’s property crisis deepened as Moody’s withdrew a flurry of credit ratings from key companies.

The credit ratings agency issued sudden removals for 11 Chinese businesses today in a blow to Beijing’s efforts to revive the fortunes of the world’s second largest economy.

Moody’s withdrew scores from 10 Chinese developers, including Logan Group, Ronshine China and Zhenro Properties Group, saying the decision was down to “business reasons”.

Earlier it had removed its Baa3 score - one step away from junk territory - from one of the country’s major bad-debt managers, China Great Wall Asset Management.

The sudden action comes after Moody’s cut its outlook for Chinese sovereign bonds to negative in December.

yahoo.com

You know, perhaps Xi Jinping should consider a different approach. I don’t think re-reading “Quotations from Chairman Mao Tse-tung” is gonna be all that helpful in this particular situation.