[formosaplastics]

China is transitioning from communism to capitalism. This necessarily means having to lay off workers from unproductive, state-owned, centrally-planned industries. As industries downsize, the banks that finance these inefficient industries can start to get healthier and allocate capital more productively into China's growing private sector. How fast China should proceed on this process is debatable, but there's no question it must be done.

[The Pheonix]

Yes, absolutely

And also, "No pain, no gain"