Heeding the Roar of China Bears

Global opinion on China's economic prospects appears to have soured of late. Credit ratings agency Fitch downgraded the country's long-term local-currency rating from AA– to A+ last month, followed by Moody's lowering the country's credit outlook from "positive" to "stable." Meanwhile, JPMorgan Chase has advised cutting Chinese stock holdings and, just last week, a prominent article in The Wall Street Journal argued that China was due for a "1997-style crisis."