“China’s Caixin Magazine reports that there is a growing ‘sense of crisis’ not felt since the depths of the global banking crash in 2008-2009. The State-owned Assets Supervision and Administration Commission (SASAC) has assembled a team to ‘protect economic growth’ and pressure state companies to boost jobs at all costs. SASAC is the bastion of vested interests and controller of 115 state behemoths with assets above $6 trillion and lock on much of the economy. The move comes amid further signs that growth is faltering across all fronts. HSBC’s gauge of Chinese services fell three points to 51.1 in April, the lowest in almost two years.”
