4. Indeed, last year produced the usual crop of new euphemisms for firing people. Infosys announced an “orderly ramp-down of about 3,000 persons”. Upworthy, a small media company, had the nerve to call sacking 14 people an “investment lay-off”. Otherwise, 2016 proved that the most egregious jargon is a sign not of failure, but of overexcitement.
5. Overseas tourists continued to shun Beijing through 2013.
6. The housing slump has cut demand for iron ore, energy and other commodities. Higher global supplies have exacerbated the gap between supply and demand and pushed raw materials prices lower. This dynamic is not expected to change in the near term despite measures such as the interest rate cut in November.
Shanghai, by comparison, trades on 12.6 times earnings. This reflects a wide (37 per cent) spread between the Shanghai’s A shares and the H-share equivalents. Before the ups and downs of 2015 it was more usually below 20 per cent, hinting at significant upside to the H-share index. True, it does not represent the best of China’s “new economy”, being heavily skewed towards banks in particular. Growth forecasts are moribund. Yet with expectations already so dire, it is hard to see how they can worsen. Even property — beset with overcapacity — has been pulling out of its slump.