A move that I'm sure will do wonders for the world's largest economy (they passed us up a year and a half ago, remember?), and the stability of one half of the new global hegemon, and won't motivate them in the slightest to escalate their military preparations and aggressions against us and our Pacific Rim allies.
All together now: "What could possibly go wrong"?:
[Red] China aims to lay off five to six million state workers over the next two to three years as part of efforts to curb industrial overcapacity and pollution, two reliable sources said, Beijing's boldest retrenchment program in almost two decades.
Though it pales in comparison to Barack Obama's over the past decade.
[Red] China's leadership, obsessed with maintaining stability and making sure redundancies do not lead to unrest, will spend nearly 150 billion yuan ($23 billion) to cover layoffs in just the coal and steel sectors in the next two to three years.
Because rampant unemployment and poverty NEVER lead to instability and unrest. That's what they have the tanks for.
The overall figure is likely to rise as closures spread to other industries and even more funding will be required to handle the debt left behind by "zombie" state firms.
"ChiComm block grants". Or kicking the collapse can down the road, to put it a smidge more candidly. Perhaps their tanks are in the shop undergoing repairs?
The term refers to companies that have shut down some of their operations but keep staff on their rolls since local governments are worried about the social and economic impact of bankruptcies and unemployment.
Sounds like their answer to Solyndra to me. Or maybe you could call it "ChiComm federalism".
Shutting down "zombie firms" has been identified as one of the government's priorities this year, with [Red] China's Premier Li Keqiang promising in December that they would soon "go under the knife"..
I rather doubt that, since "shutting down 'zombie' firms" has never been an Obamunist priority, unless Xi Jin-Ping has become almost as "conservative" as Donald Trump. The latter of whom will take these developments as a signal that Beijing is ripe for the taking for the trade war he can't wait to ignite.
I'm sure they've forgotten all about the trillions in U.S. debt they hold and would never think of cashing it in to help finance all of this "bold retrenchment," a term that will never describe their imperialistic ambitions.
Although a President Trump just might remind them.