Reaganomics Finds Friends In High Places In China

Chinese President Xi Jinping is about to tell millions of government workers: “You’re fired.” Reuters reported last week that China plans to lay off between five and six million state workers over the next two to three years, in an effort to curb overcapacity in what’s being described as “zombie companies”: those that are being kept alive on bank loans despite bleeding revenue. Close to two million of these layoffs will come from the coal industry alone.

http://www.forbes.com/sites/greatspeculations/2016/03/10/reaganomics-finds-friends-in-high-places-in-china/