Brothers Zhang Guantian (R), 23, and Zhang Guanzhou, 21, wait for a bus that will take them home for the annual Chinese New Year holiday, at a bus station in Dongguan, southern China February 1, 2016. As China's economy hits its slowest growth in 25 years, businesses are finding ever more cash tied up in unsold stock and unpaid invoices as industry shirks the pain of trimming capacity and struggling customers take longer to pay. Picture taken February 1, 2016. REUTERS/James Pomfret

A worker carries a metal rod inside a factory applying powder coating in Dongguan, southern China January 28, 2016. As China's economy hits its slowest growth in 25 years, businesses are finding ever more cash tied up in unsold stock and unpaid invoices as industry shirks the pain of trimming capacity and struggling customers take longer to pay. Picture taken January 28, 2016. REUTERS/Bobby Yip

A worker looks on during a powder coating process on aluminum plates inside a factory in Dongguan, southern China January 28, 2016. As China's economy hits its slowest growth in 25 years, businesses are finding ever more cash tied up in unsold stock and unpaid invoices as industry shirks the pain of trimming capacity and struggling customers take longer to pay. Picture taken January 28, 2016. REUTERS/Bobby Yip

Migrant workers laden with baggage and luggage queue for trains that will take them home for the annual Chinese New Year holiday at Dongguan East Train Station in Dongguan, southern China February 1, 2016. As China's economy hits its slowest growth in 25 years, businesses are finding ever more cash tied up in unsold stock and unpaid invoices as industry shirks the pain of trimming capacity and struggling customers take longer to pay. Picture taken February 1, 2016. REUTERS/James Pomfret

Migrant workers laden with baggage and luggage queue for trains that will take them home for the annual Chinese New Year holiday at Dongguan East Train Station in Dongguan, southern China February 1, 2016. As China's economy hits its slowest growth in 25 years, businesses are finding ever more cash tied up in unsold stock and unpaid invoices as industry shirks the pain of trimming capacity and struggling customers take longer to pay. Picture taken February 1, 2016. REUTERS/James Pomfret

Ana Rodriguez, a tourist from California, looks at a shirt in a souvenir shop in San Juan, Puerto Rico, August 3, 2015. Puerto Rico has defaulted on debt by paying only a fraction of what was due August 1, showing the depth of the island's economic and cashflow problems and potentially opening the door to broader defaults and litigation from bondholders. The U.S. commonwealth paid only $628,000 of a $58 million payment due on its Public Finance Corp (PFC) bonds, the head of its Government Development Bank said in a statement on Monday. REUTERS/Alvin Baez

A woman shops for fruit at a market in San Juan, Puerto Rico, August 3, 2015. Puerto Rico has defaulted on debt by paying only a fraction of what was due August 1, showing the depth of the island's economic and cashflow problems and potentially opening the door to broader defaults and litigation from bondholders. The U.S. commonwealth paid only $628,000 of a $58 million payment due on its Public Finance Corp (PFC) bonds, the head of its Government Development Bank said in a statement on Monday. REUTERS/Alvin Baez

A woman looks at trousers at a store in San Juan, Puerto Rico, August 3, 2015. Puerto Rico has defaulted on debt by paying only a fraction of what was due August 1, showing the depth of the island's economic and cashflow problems and potentially opening the door to broader defaults and litigation from bondholders. The U.S. commonwealth paid only $628,000 of a $58 million payment due on its Public Finance Corp (PFC) bonds, the head of its Government Development Bank said in a statement on Monday. REUTERS/Alvin Baez

Tourists stand inside a souvenir shop in San Juan, Puerto Rico, August 3, 2015. Puerto Rico has defaulted on debt by paying only a fraction of what was due August 1, showing the depth of the island's economic and cashflow problems and potentially opening the door to broader defaults and litigation from bondholders. The U.S. commonwealth paid only $628,000 of a $58 million payment due on its Public Finance Corp (PFC) bonds, the head of its Government Development Bank said in a statement on Monday. REUTERS/Alvin Baez

People shop in a store in San Juan, Puerto Rico, August 3, 2015. Puerto Rico has defaulted on debt by paying only a fraction of what was due August 1, showing the depth of the island's economic and cashflow problems and potentially opening the door to broader defaults and litigation from bondholders. The U.S. commonwealth paid only $628,000 of a $58 million payment due on its Public Finance Corp (PFC) bonds, the head of its Government Development Bank said in a statement on Monday. The sign reads: "Clearance due to closing." REUTERS/Alvin Baez TPX IMAGES OF THE DAY

A man walks through the showroom of a furniture store in San Juan, Puerto Rico, August 3, 2015. Puerto Rico has defaulted on debt by paying only a fraction of what was due August 1, showing the depth of the island's economic and cashflow problems and potentially opening the door to broader defaults and litigation from bondholders. The U.S. commonwealth paid only $628,000 of a $58 million payment due on its Public Finance Corp (PFC) bonds, the head of its Government Development Bank said in a statement on Monday. REUTERS/Alvin Baez

People walk by the JP Morgan & Chase Co. building in New York October 24, 2013. Deutsche Bank, Credit Suisse and JP Morgan will begin marketing the first-ever bond backed by US home-rental cashflows, a US$500 million trade for private-equity giant Blackstone, next Wednesday. REUTERS/Eric Thayer (UNITED STATES - Tags: BUSINESS)

People ride the escalators in the JP Morgan & Chase Co. building in New York October 24, 2013. Deutsche Bank, Credit Suisse and JP Morgan will begin marketing the first-ever bond backed by US home-rental cashflows, a US$500 million trade for private-equity giant Blackstone, next Wednesday. REUTERS/Eric Thayer (UNITED STATES - Tags: TPX IMAGES OF THE DAY BUSINESS)

People walk by the JP Morgan & Chase Co. building in New York October 24, 2013. Deutsche Bank, Credit Suisse and JP Morgan will begin marketing the first-ever bond backed by US home-rental cashflows, a US$500 million trade for private-equity giant Blackstone, next Wednesday. REUTERS/Eric Thayer (UNITED STATES - Tags: BUSINESS)

People walk by the JP Morgan & Chase Co. building in New York October 24, 2013. Deutsche Bank, Credit Suisse and JP Morgan will begin marketing the first-ever bond backed by US home-rental cashflows, a US$500 million trade for private-equity giant Blackstone, next Wednesday. REUTERS/Eric Thayer (UNITED STATES - Tags: BUSINESS)

Rio Tinto Chief Executive Tom Albanese poses for photographs at a financial institution in London February 10, 2011. Global miner Rio Tinto surprised investors by more than doubling its full-year dividend and promising to return $5 billion (3 billion pounds) to shareholders by 2012, looking to soak up bumper cashflows after it reported a record second-half profit. REUTERS/Toby Melville (BRITAIN - Tags: BUSINESS HEADSHOT)

Rio Tinto Chief Executive Tom Albanese poses for photographs at a financial institution in London February 10, 2011. Global miner Rio Tinto surprised investors by more than doubling its full-year dividend and promising to return $5 billion (3 billion pounds) to shareholders by 2012, looking to soak up bumper cashflows after it reported a record second-half profit. REUTERS/Toby Melville (BRITAIN - Tags: BUSINESS)

Rio Tinto Chief Executive Tom Albanese poses for photographs at a financial institution in London February 10, 2011. Global miner Rio Tinto surprised investors by more than doubling its full-year dividend and promising to return $5 billion (3 billion pounds) to shareholders by 2012, looking to soak up bumper cashflows after it reported a record second-half profit. REUTERS/Toby Melville (BRITAIN - Tags: BUSINESS)

Rio Tinto Chief Executive Tom Albanese poses for photographs at a financial institution in London February 10, 2011. Global miner Rio Tinto surprised investors by more than doubling its full-year dividend and promising to return $5 billion (3 billion pounds) to shareholders by 2012, looking to soak up bumper cashflows after it reported a record second-half profit. REUTERS/Toby Melville (BRITAIN - Tags: BUSINESS)

A pedestrian passes a Vodafone store on Oxford Street in central London, November 10, 2009. Vodafone, the world's largest mobile phone operator by revenue, has doubled its cost cutting target to 2 billion pounds by 2012, after a successful start to the programme boosted cashflow. REUTERS/Kevin Coombs (BRITAIN BUSINESS)

A shopper passes a clearance sale sign at a store in Manchester, northern England October 7, 2008. October 7, 2008. Confidence among British firms fell to its lowest on record in the third quarter as sales and orders tumbled, a survey from the British Chamber of Commerce said on Tuesday. The BCC said its survey of over 5,000 businesses suggested Britain's economic recession has started and was getting worse. Confidence balances for both manufacturing and services sectors fell sharply for a second consecutive month to their lowest level since 1989 while cashflow balances and recruitment also dipped across the sectors. REUTERS/Phil Noble (BRITAIN)

Shoppers walk past sale signs at a department store in Manchester, northern England October 7, 2008. Confidence among British firms fell to its lowest on record in the third quarter as sales and orders tumbled, a survey from the British Chamber of Commerce said on Tuesday. The BCC said its survey of over 5,000 businesses suggested Britain's economic recession has started and was getting worse. Confidence balances for both manufacturing and services sectors fell sharply for a second consecutive month to their lowest level since 1989 while cashflow balances and recruitment also dipped across the sectors. REUTERS/Phil Noble (BRITAIN)

Clearance sale signs and a To Let board are seen outside a clothing in Manchester, northern England October 7, 2008. Confidence among British firms fell to its lowest on record in the third quarter as sales and orders tumbled, a survey from the British Chamber of Commerce said on Tuesday. The BCC said its survey of over 5,000 businesses suggested Britain's economic recession has started and was getting worse. Confidence balances for both manufacturing and services sectors fell sharply for a second consecutive month to their lowest level since 1989 while cashflow balances and recruitment also dipped across the sectors. REUTERS/Phil Noble (BRITAIN)

A shopper passes a clearance sale sign at a store in Manchester, northern England October 7, 2008. Confidence among British firms fell to its lowest on record in the third quarter as sales and orders tumbled, a survey from the British Chamber of Commerce said on Tuesday. The BCC said its survey of over 5,000 businesses suggested Britain's economic recession has started and was getting worse. Confidence balances for both manufacturing and services sectors fell sharply for a second consecutive month to their lowest level since 1989 while cashflow balances and recruitment also dipped across the sectors. REUTERS/Phil Noble (BRITAIN)

PT Krakatau Steel's president director Fazwar Bujang speaks during an interview in Jakarta September 3, 2008. PT Krakatau Steel, Indonesia's largest steel maker, plans to spend more than $1.5 billion on expansion, using money from its initial public offering, as well as debt and cashflow, Bujang said on Wednesday. REUTERS/Supri (INDONESIA)

PT Krakatau Steel's president director Fazwar Bujang speaks during an interview in Jakarta September 3, 2008. PT Krakatau Steel, Indonesia's largest steel maker, plans to spend more than $1.5 billion on expansion, using money from its initial public offering, as well as debt and cashflow, Bujang said on Wednesday. REUTERS/Supri (INDONESIA)

The company name and logo of Euro-Asia Agricultural Co Ltd are displayed inside its closed office in Hong Kong October 31, 2002. Staff and auditors have abandoned scandal-rocked Chinese orchid exporter Euro-Asia Agricultural Co Ltd, which said on Thursday it had "serious" cashflow problems. [The company's flamboyant chairman Yang Bin, who had been under house arrest in China, has become a poster boy for China's crackdown on high-profile tax evaders.]

The company name and logo of Euro-Asia Agricultural Co Ltd are displayed
inside its closed office in Hong Kong October 31, 2002. Staff and auditors
have abandoned scandal-rocked Chinese orchid exporter Euro-Asia Agricultural
Co Ltd, which said on Thursday it had "serious" cashflow problems. The
company's flamboyant chairman Yang Bin, who had been under house arrest in
China, has become a poster boy for China's crackdown on high-profile tax
evaders. REUTERS/Bobby Yip

BY/JS