I missed posting an important article earlier in the day : Moody's cuts China's credit outlook to negative on rising debt risks.

So why is this important ? When a country’s credit rating turns negative - it means all state institutions - their credit rating too turns negative. This impacts their borrowing costs internationally. It means these state institutions will have to pay higher interest rate to borrow international funds. This will drive up cost of prodiction etc etc. A whole chain reaction comes into place - all impacting China negatively.