China is rue(ing?) right now. China's local governments are dealing with a monumental local debt crisis from real estate fallout, and incidentally from too many built out unused rails and highways. And the center government has already said they are not going to rescue the local and provincial governments, "prefers local or provincial governments to sort out their own debt problems, and not create a moral hazard"

As a result, the civil servants in China are seeing 25-50% paycut.