According to this Forbes piece, yes. This seems to be partially a reaction to the government pouring more money into the public sector.
What does that mean? Hell if I know. But it makes sense. After all, if you could get out of China, wouldn’t you?
But between this and China’s housing bubble, it goes a long way to show that China’s “economic miracle” is a lot more fragile than the likes of Thomas Friedman would have you believe…