There were contrasting reactions when the US rating agency Moody’s downgraded China’s A1 credit rating outlook from stable to negative last month.
- George Magnus
- The Guardian
Financial markets, focused on the economy, paid it barely any attention.
Chinese state media, looking at the politics, saw red.
Global Times called it “biased and unprofessional”.
A few days later, the Ministry of State Security issued a statement stipulating that the only purpose of “negative talk” was to doubt or deny China’s socialist system, and to contain its development.
The Chinese Communist…