reserves. and, than the winners, clinton and trump in the white house race. a large turnout on super tuesday. angie: indeed. also coming up this hour, exchange of fire area -- fire. we talk privacy with the u.s. attorney general. there's no business like no business. china takes control of the world's best-selling brew. and asian emissions. we talk about expanding in china and gambling on a casino in vietnam. i'm david ingles, keeping my eye on the market. shares are having their own supersession, up across the region. gainsg at $300 billion in at least on paper across the

markets here. in context, since mid february, shares have managed to claw back half of this year's losses. this move by moody's, as rich pointed out, largely ignored. i think cues from wall street, where u.s. shares and their best day in over a month, are helping boost asia. we had stellar growth out of australia. , moneyoosting sentiment flowing back into risk assets and risk currencies. yen above 114. little changed, though. 113.99 yen. we were talking about super tuesday. also got a mention from donald trump. he mentioned the yen, blaming the delivery devaluation of the currency by the japanese for

economic challenges. rish? rishaad: looking at hillary clinton and donald trump, looking to be the big winners on super tuesday, projected to have won half the contest across the states. they have been consolidating their positions as the favorites in the race for the white house. let's get more from derek wall bank in new york. >> how are you? it is a huge night for donald trump and hillary clinton as well. donald trump has won most of the states that have come in so far. ted cruz has won his home state of texas. that was considered must win for ted cruz to stay in the race. donald trump is taking a triumphant tone right now. he is ahead in most of the states. he beat marco rubio in virginia. the night for trunk. does this essentially solidify their positions as the

front runners? does it also make them effectively shoo-in's for the overall nomination? >> it doesn't quite yet, because they didn't put everybody away. had trump gone out and swept today, you could have said this might have been close to over. had hillary clinton knocked off bernie sanders everywhere except for vermont, you might have said the same thing. trump is at or above the position that mitt romney was in four years ago at this point in time. he is doing very well. but it's not quite over. one of the big things i'm watching is the state of minnesota. this is the state that marco rubio has the best chance of taking, of any that remain on the board. the republican establishment has been trying to coalesce around rubio, but rubio has yet to win an actual state so far.

if he comes out of tonight without one, there will be major questions about his viability going forward. that is a state that he is weeks so hard to win, two ahead of his home state of florida. rishaad: can the republican establishment -- there must be serious questions being asked of them too. >> there are. the question is, if not rubio, who? there's a lot of investment in rubio doing well. you've seen a coalescing of people around a campaign being called "never trump and out which is basically anybody else, except maybe hillary clinton. they are not really for her. but it is hard to run against somebody. you have to run for someone. it is so essential for anyone trying to challenge trump to show some strength. the contest will not end tonight , but it is a lot closer than it

was and trump is the person coming out of here feeling the best, no question. rishaad: hillary clinton, does she get a clear run? bernie sanders won vermont. i think he was predicted to win in oklahoma. what does he do next? >> the big question is whether bernie sanders can turn some of this momentum into wins in big states that are coming up. michigan is coming up. sanders is still hoping for a result in minnesota tonight. then you are starting to look at him state like ohio, florida. the map is very difficult for sanders at this point. the mathematics are very difficult for sanders. whatever happens in these voting states, you've still got something in the democratic party called superdelegates, which are party officials, people who get votes. they are overwhelmingly in hillary clinton's camp right

now. sanders doesn't just have to win, he has to win big. right now, this is a very good night for hillary clinton. rishaad: thanks for that. angie: let's continue our discussion with super tuesday with tom. he's the research associate at university of sydney's u.s. studies center. so, no shoo-ins here. does that mean that perhaps there is still a chance that it could be anybody except trump's and hillary clinton who are really the leaders right now? from this my stance super tuesday contest today is that the democratic party's coronation of hillary clinton has resumed, and the insurrection that propelled donald trump to the republican leadership continues unabated.

texas, butahoma and se areve to remember, thea states, ted cruz had to win this. although momentum is behind donald trump in the republican party and hillary clinton in the democratic party. although the republican party establishment and influential donors will fight to ensure that the donald does not win the republican nomination, all the evidence indicates that he is going to have the most delegates come primary convention time in july. angie: if that is the case, it looks like the democrats will be putting up an establishment name and the republicans would be putting an antiestablishment name. is that the theme for the presidential election in november? >> i think so. but why is the republican

establishment fighting tooth and nail against donald trump? one is, a lot of republicans don't believe donald trump is a true republican conservative. he's got no true for philosophical convictions area -- no true core philosophical convictions. he wants to take the party of reagan and turn it into the party of trump. they see, i think for good split, that donald trump the republican party, turn off a lot of crucial independence that swing elections, and unite democrats behind a flawed candidate in hillary clinton. that is why the republican establishment and many conservative commentators are nervous about a trump candidacy. angie: but what is accounting for trump's success here? >> he has shown, and he's written off all seasoned

american of politics, but he is tapping into a wide sense of anxiety and anger across many segments of middle america. particularly less affluent working-class americans who are disoriented by the pace of radical socioeconomic change. the great recession has heard a lot of hoax. holiday, sluggish growth compared to the ,ecoveries in the clinton years and there has been stagnant wage growth. in some cases, there's been reduced wage growth. taken with the fact that america has a bloody nose abroad, is appealing to these folks that he can make america great again. whether it resonates in a general election remains to be seen. it is one thing to win segments

of republican primary voters. it is another thing to win a general election . angie: you can say that again. we continue to cover the super tuesday results. we will be joining you later this hour with more updates. rishaad: still talking in palm beach, florida, making comments about apple. as we see what has been happening with that company, he's saying that he would force the company, apple, to make its iphones in the united states and not in china. this is one of these statements he's been making throughout the campaign, trying to make america great again. it comes against a backdrop when china has been looked at by moody's. they are looking at its credit rating outlook. they've cut that to negative. the agency saying it is worried about ballooning government debt. enda curran is here.

what does this say? this is a surprise. what does this say about the borrowing levels that china has, and what about the timing? >> it is a sharp reminder of the problem in china. total debt has risen to around 240% of gdp. that is not the biggest in the world, but the pace has only been since 2008. level,entral government there is fear that policymakers aren't getting to grips with it, and the debt continues to grow. at some point, the central government will have to assume some of that debt. i think you've got to remember the backdrop here. the debt problem in china against the backdrop of slowing growth. rishaad: 7% is what the officials were targeting. >> you don't want to have a

slower growth environment. you want strong inflation, strong growth. that is not altogether the picture in china. policymakers need to tackle it urgently. rishaad: you missed the timing. >> the timing is interesting. it is a reminder to china's policymakers. they've got to tackle debt. increasedere will be fiscal spending. policymakers have said they have room to increase fiscal spending. at the same time, they have to keep this narrative going about shooting down these companies that are laden with death. that is the balance you have to work out. rishaad: enda curran, right. we are looking at where the world's best selling beer and the biggest beer market combined to make a heady cocktail. after this break, apple versus the u.s. government. an official says the company can't be allowed to make the rules on privacy for everyone.

an interview with attorney general loretta lynch is next.

rishaad: you are back with "asia edge." u.s. attorney general loretta lynch has challenged apple's refusal to unlock a dead terrorist's iphone. earlier, lawmakers in washington heard arguments from both sides. the phone encryption issue has pitted the tech industry against the government. >> there are no demons in this debate. the companies are not evil. the government is not evil. you have a lot of people who see the world through different lenses, who care about the same things. the companies care about the public safety. we devote our lives to stop people from stealing our innovation, our secrets, and hacking into our devices. we care about the same things. >> if what happens here is that apple is forced to write a new

operating system, to degrade the safety and security of phones belonging to tens or hundreds of millions of innocent people, it will weaken our safety and security, but it will not affect the terrorists in the least. lynch's in loretta interview with emily chang, the u.s. attorney general discussed whether apple should be deciding the issue for everyone. a.g. lynch: there has to be a middle ground. that is what we go to, to arbitrate these disputes. we have a difference of opinion. means, as compliance to whether someone should comply, we go to court. that is where we think this is going to play out. however, as we discussed, it is also the middle ground of discussing this in the larger for of ideas in our country.

having a discussion about what it means to have both security and privacy. we can do it in this case. emily: in the court, a brooklyn judge just ruled that apple doesn't have to do this in a separate case. does that undermine your argument? a.g. lynch: it doesn't change our strategy or our reliance on the courts. in that case, we are disappointed, but we will be resubmitting to a judge in a few days with additional information. that was a case in which we were working well with apple and they agreed to help us with that particular device. that case doesn't involve encryption or anything like it. until the issue became public. we feel still that there is a path to discussion, to working on all these issues. emily: tim cook says there is no

middle ground. it is not just about one phone. it is about every phone and it is about the future. how do you respond to that? a.g. lynch: we've seen how we do balance privacy and security every day. until recently, apple was able to comply with our requests. they have some of the strongest security out there. i think we have seen it done. we have our finest companies, our health care companies, all important sectors of the economy, depend upon encrypting data to protect all of us. but they also maintain the ability to manage that data to keep us safe and secure. >> the u.n. chief ban ki-moon says border voters affecting migrants in the balkans are a breach of international law and human decency. thousands of refugees are stranded in greece after

neighboring countries tightened entry conditions. the austrian chancellor said his country is not "a waiting room." the eu and turkey are to discuss the crisis next week. facebook is in a battle with authority after its latin america vice president was arrested in brazil after facebook allegedly refused to hand over a whatsapp exchange between suspected drug dealers. it --ssaging site says authorities say they don't want the content of the messages, merely the data and locations. and the warming ties between the cuba and the u.s. will see the rolling stones play in havana. they will be the most famous western act to perform there since the 1959 revolution. cap the stones' latin america tour.

journalistsver 2400 in 150 euros around the world, this is bloomberg news. i'm rosalind chin. this is the scene in stafford, texas. it is 20 past 9:00 in the evening. that is ted cruz, the senator for the state. he has projected to have won that state, plus oklahoma as well. we have 34% reporting in minnesota, 35% apparently going for rubio. the front runner, certainly, and ,he clear winner this evening is of course donald trump, who is the projected winner of super tuesday. he says he can win up to nine states here. this is ted cruz speaking at this event in stafford, texas.

well let's show you what we have coming up. hotele leaders in the side of things. we will hear from hard rock, next. ♪

angie: u.s. primary election coming through right now. we've got the latest from arkansas. associated press reporting that donald trump is the projected winner of the arkansas primary. that puts it at six states in the camp for donald trump, winning those states, including georgia, arkansas, virginia, alabama, massachusetts, tennessee. clinton is also leading sanders as well. sanders winning his home state of vermont as super tuesday

results continue to roll through. you may know hard rock for its cafes and hotels around the world, or its massive collection of music memorabilia. asia is now in the company's sites as it expands to china and hopes to open a casino in vietnam. we spoke to the ceo in hong kong . >> our brand has been present in the asian market for a wild. we have a very strong base of avid consumers. malaysia is a market, malaysia and indonesia, are generally very big brand fans. in china, we've had a stickier time. oure now reenergized presence and our thinking in china. the promotion of the strawberry festival is going to be important. the opening of new hotels is important. zeb: investors would tell you

there are concerns about oversupply in the hotel market in china. bete don't think it is a and we don't really care too much about oversupply in the market. 100 orl is not to have 200 or 300 hotels. our goal is to maybe have 20 hotels over the course of the next 10 years. our product is so different that it should fit in almost any tier one or tear to city and still be differentiated. our view is it is more about product and bringing a great new experience to these markets and the consumers in those markets. zeb: attaching the hard rock name to a casino product, which is growing in asia, seems like a very lucrative opportunity. how do you seek to grow that area of the business estimate -- the business? >> first, it is a strategically

very important segment or us. our owners have basically generated a lot of their wealth and success on the back of casinos. zeb: where are the best opportunities to open the next hard rock casino across the asia-pacific? >> japan is the market that everybody's been talking about over the last few years. the challenge is that the government in japan have a number of different agendas they are trying to address and they haven't yet legitimized and thought it through and announced what their game plan is going to be. angie: that was the hard rock ceo talking to zeb eckert. let's check in on trading in sydney. better-than-expected gdp for australia helping the aussie advanced. 3%ualized growth rate of helping him rally for a third day. we are seeing gains pretty broad-based here.

extend thean stocks global rally. here is the view from here. the offshore yuan beginning after the pboc lowers the reference rate. japan after this short break. ♪

angie: you're watching "asia edge." china resources soared more than 30% in hong kong after agreeing to buy sab miller's stake in their chinese joint venture. this would give china resources sole control of the world's best selling brew, snow beer, and smooth the way for sab miller's takeover by ab inbev. moody's has cut its outlook for china's credit rating to negative. has rising government

debt and falling reserves. munis affirmed its long-term debt rating for china, but says beijing's policies to support growth may slow the reform of state owned enterprises. hillary clinton is now the presumptive democratic presidential nominee, with projected wins in six states so far on super tuesday. is rival, bernie sanders, the likely winner in vermont and oklahoma. on the republican side, donald trump has a firmer grip on the nomination. cruz is set to pick up texas and oklahoma. let's stay with super tuesday. we've got white house correspondent angela joining us on the line from washington. dramatic day here. >> it sure has been. it is the biggest day in the

primaries, super tuesday. both hillary clinton and donald trump have marched in the direction of locking in the nominations for their respective parties today. doesn't mean they won't still be battling opponents, but they picked up a lot of ground in their quest to get the party's nominations. angie: is this going to hurt or help? there's growing turmoil among republicans. a number of senior officials say they are not going to support trump as the nominee. >> it really is a big issue. the party did not expect that donald trump would be knocking on the door of getting the republican nomination to be the next u.s. president. that has taken a lot of the party establishment by surprise. they are grappling with what to do, how to react. the conservative club for growth released a statement this evening saying that trump must

be stopped. they are not acquiescing to support him. hash is a "never trump" tagged that people are using on twitter. angie: well, of those trying to stop that trump omentum, ted cruz, marco rubio, who has a shot at staying in the fight? >> they both say they are the one, of course. heone of them dropped out, might pick up some support of the other one. tonight, we saw ted cruz win two two states, including his home state of texas. marco rubio now with 34% reporting in minnesota is leading their with 34%. cruz's second and trump in minnesota is third. the florida primary is coming in a couple weeks.

that is marco rubio's home state. that will be a big test for him. angie: all right, angela, thanks for that. rishaad: let's get back to tom assistant atarch the university of sydney. let's have a look at what happens next. republican we have a establishment which is not that a number by the idea of a trump presidency or trump as the nominee. who would they persuade, if any money, to drop out so they can coalesce the traditional republican base? two great hopes for the so-called republican establishment, neither of whom has won a state yet during this primary season. that is florida senator marco rubio, who has to defend his home state of florida in two weeks against donald trump, who

commands a 20% lead over rubio, and the other candidate is john kasich, the governor of ohio. at this stage, he does have a decent chance of holding his own state against donald trump. the problem throughout this whole campaign is that the non-trump candidates are all divided. that means that trump has benefited and he can command the most votes. at this stage, it looks unlikely that none of those candidates, ted cruz, marco rubio, john kasich, will pull out. that only helps donald trump. rishaad: if we look at the democrats, is this now the coronation of hillary clinton effectively? >> the democratic party establishment had plans from the outset to coordinate her and she and her campaign had never thought that a 74-year-old socialist from vermont who among

other things honeymooned in the soviet union would give her campaign a real run for the money. hasn't been a great night for bernie sanders. he did win vermont comfortably. but hillary clinton with the party's backing, the establishment, the strong coalition of union supporters, feminists, african-american voters, she has the firewall and she is bound for philadelphia to be the democratic now many barring a federal indictment over her use of classified information on her private e-mail server. muchad: tom, thank you so are your thoughts. tom switzer from the u.s. study center. what a day and i'm talking markets right now. let's get the latest from david. tricky tois a bit draw a correlation between the u.s. and here. there are some positive actors affecting trade.

you have gdp numbers out of australia. investors largely ignoring this move by moody's in china. gains across the board. every single sector is up. 75% of stocks on the asx 200 are higher. that goes up to 90% on the nikkei. you have these three and one more on the way down. the rest are on the way up. all 50 stocks on this index are on the way up. some movers we are following across the region. in australia, -- my mistake. let's start things off with the automakers in japan. you had a beat for honda. toyota missed forecast, but still seeing some gains.

energy players in australia also seeing gains. we are still close to 7-8 week highs for oil prices. big drop in gold prices overnight. stocks have been hammered. 23%, 96% from this time last year. we talked about oil. petro china sinopec. hump day. china resources beer, 20% higher. onne will flesh it out for us. angie: the highs were bigger than that. taking a look at this deal, a discount here. big cheers for that. that deal was actually much less than what analysts were expecting. they were thinking china resources would have to pay up to 5 billion. this values snow beer at much

less than analysts forecast as well. 11 times earnings made in 2014. if you take a look and compare that to the previous brewery acquisitions we have seen over the past 12 months, that is half the median of 21 times earnings. cheap, cheap beer here, which is why we are seeing the share surging today. the biggest jump in almost a year. china resources say acquisition has been approved by the board, but they need regulatory approval. this clears a way for ab inbev to gain antitrust approval to buy sab miller. angie: on the other hand, what does this mean for china resources? yvonne: they basically have to tackle the domestic market without a big name like sab miller. this as we see more chinese consuming here.

china is the world's biggest beer market when it comes to volume. the younger customers prefer high-end, premium, foreign bruise. mizuho saying they are going to have to develop their premium segment organically and the priority is going to be ramping up consolidation within the beer space in china. if there is any large asset out there, china resources better be ready to get it. rishaad: in other news, australia's biggest exchange group may be looking to invest in faster connections. asx is considering a high-speed microwave link. 's speedy connection may lift trading volumes. rio may be about to cut jobs. the company has been preparing for job losses. the company declined to comment on when these cuts may have been. rio shares on the way up.

agreeunder and former ceo mcclendon has been conspiring to rig oklahoma. the justice department accuses him of forming a scheme that would make to large companies not been against one another. mcclendon led the surge in u.s. shale gas. the japanese prime minister formed a panel to discuss concerns about the global economy, saying that members will meet several times before japan hosts the g7 in may. the panel will include abe himself as well as expert economists. g-20 finance ministers agreed to take steps to boost global growth last weekend. next, as the up possibility of president trump grows greater, will market warm to the big debate?

♪

david: hello and welcome back. these are the stories making headlines around the world. a united nations vote on north korea sanctions has been pushed back 24 hours. the security council is considering sanctions on all vessels sailing to and from on mineral, a ban exports, and restrictions on the import of aviation tools, plus travel bans. china is said to support the resolution. the iranian president says he's looking for economic growth. for begun to search international partnerships. says the election

results show that ordinary citizens want moderation and not confrontation. astronaut scott kelly and his russian colleague have checked out of the international space station after a year in orbit. 231 million call matters in that time, with kelly posting spectacular images on social media. nasa studies the effects of ofg-term zero gravity ahead march. powered by over 2400 journalists in 150 bureaus around the world, this is bloomberg news. i'm david ingles. [indiscernible]

we can't avoid it. i want to start off with this outlook cut by moody's today. is it more symbolic than anything else? >> i think it comes at a good time. rishaad: just before the npc. the third point moody made was, we are worried about whether reforms were actually continue. that is the most important point for the chinese leadership, to make sure the reform process does not stall, to make sure it is push ahead despite the turbulence, and that they don't get cold feet in the process. angie: when do we see that? >> i think we are seeing it already. angie: people keep saying that. >> supplies and reform means you reform the production part of the economy. capacity isk excess a major supply-side reform. cutting taxes, cutting business costs, those are major supply-side reforms.

the other supply-side that needs to be stepped up his the markets themselves. markets have to become deeper. china has a stock market that is dodgy without any question. there's not enough institutional depth in those markets to work properly. even more important, and the greatest opportunity for investors, is china does not have the deep debt market. that is where the whole thing has to -- imagine the united states without the mortgage-backed securities market. rishaad: think they wouldn't have got themselves in a mess in 2008. angie: people are saying, if china melts down, the global contagion may not be as great as we saw in the united states. >> that is also true. there is the actual link between china and the rest of the world. links to be those

built out, you need to have a situation where these markets are better developed. , 95% ofw, chinese debt all of it, there is no significant secondary market. there has to be product development. a reliable ratings system on the corporate debt side. all of that is still to be done. there's a huge reform agenda in the markets alone from the supply side. angie: do you see any opportunity in chinese bonds to buy potentially? the returns seem to be higher than u.s. treasuries. >> the chinese stock market melted down in august. at that point in time, you have decided to completely switch asset classes. you would be rich now. the question is, when are you going to time getting out of

that? that is another issue. i think there's no question that there have been great opportunities and it's a market that is basically on the same side as japan. it is huge. it is about half the u.s. debt market. it is also chasing its own tail. it is not reaching the investing public. angie: what else do you see? >> it is very difficult to say. i think they are probably on the energy side. there's going to be a lot of interesting developments. china is going to step up its nonpolluting nuclear, solar, and wind. investmentamount of in that is going to continue on a significant scale. china is already the biggest investor in wind power and solar power globally and is becoming the largest investor in nuclear. i hope that continues.

what do you make of market gains we're seeing today? they are pretty big. what is going on? >> the oil price went up. that oildon't try price argument with us. nolook, the oil price has business actually being correlated with markets, except in certain energy counters. way,oes it behave that because it has become something thinkroxy for what people is happening in the global economy? i think u.s. pmi was a little better than expected. there is some hope the u.s. economy will stabilize. it grew by 1%. if that were in european terms, it would mean 0.2%. reports --ways

global reporting is on a quarterly basis. >> you are not so optimistic about the jobs. >> 80% of all jobs that have been created have been in the sort of small retail sector and in hospitals. bedpans and hampers. am i going impressed by that? no. >> health care is a gross sector. >> fine, nobody is saying it is not, but creating jobs on that low-wage level in that sector is no great accomplishment. what you need is productivity. productivity has been declining. point, it has been all about super tuesday today. if we do get these two front runners, hillary clinton, donald

trump, are there market implications weston mark --market implications? >> i don't know at this point. honestly, my gut feeling is that i didn't like the bushes and i don't like the clintons anymore. all the best to donald. he's not my favorite candidate, but -- rishaad: controversial. >> but at the same time, you don't become a billionaire just because you are stupid. rishaad: he wasn't exactly somebody who had to work his way to the top. he was left a fair legacy. estatealso build real during a time when the markets were low. >> also almost went bankrupt at some point. rishaad: or three times or four times. angie: perhaps the cipher in what is going on in the u.s. in terms of sentiment, we are

starting to see volatility in markets as well. >> i think it is clear that people really are upset about what is going on in washington for the last eight years or 12 years or whatever and want to see somebody who is not an insider. you don't want to have somebody who is depending on somebody else, on some lobbyist. of clintons are the epitome -- >> establishment? >> establishment and the relationship with governmental, nongovernmental organizations, all of that strange stuff that gives me the creeps. either way, wall street will be -- >> if he becomes the president, -- [indiscernible] come. all right, still to

donald trump taking another step towards the white house. rishaad: we look at social media, next. ♪

rishaad: super, super tuesday. hillary and clinton -- hillary clinton and donald trump apparently the big winners. trump telling supporters in palm beach that he feels awfully good about being the republican nominee. >> we have expanded the republican party. when you look at south carolina and you see the kind of numbers we got in terms of extra people coming in, they came from the democratic party, the democrats and their longtime democrats, and they never switch, and they all switched, and they were independents. angie: clinton maintains her grip on the democratic race. the results give her all that insurmountable leads in delegates. >> america prospers when we all

prosper. america is strong when we are all strong. we know we've got work to do. notthat work, that work is to make america great again. america never stopped being great. angie: let's check in with reaction on social media. i'm looking at what the candidates are doing. makes socialreally media work for her. she posts when polls are going to close, how to vote, asking for donations. just one dollar she says is enough to help. she says nearly -- [indiscernible] compare that to donald trump. he has sent more than 31,000 tweets, and seemed pretty subdued in the last few hours.

hillary has updated her cover picture with "thank you, super tuesday states" on it. donald hasn't done a lot. he did tweet a while ago, the people of south carolina are embarrassed by nikki haley, a reference to the south carolina governor who called for him to release his tax returns. there's video of him in 2012 saying that is a ploy. now, heat marco rubio updated his cover picture today with "vote today" and he tweeted this. a supporter had this sign. here is a picture of the sign, which he found amusing. lastly, bernie sanders. on -- a lot of his came his campaign on the back of social media. he's been urging people to vote.

lots of reach weeds and followers on him. who would you vote for? the jewish new yorker from vermont. rishaad: thank you. that is it for this edition of "asia edge."

yvonne: it is noon in hong kong. it is super tuesday. hillary clinton tightening her grip on the democratic nomination with a series of victories over bernie sanders. donald trump is seen winning at least escapes and says he could take up to nine. ted cruz has called on other republicans to get buying him to attack trump. movies has cut china's credit rating outlook to negative, citing rising debt and declining reserves. the agency affirmed its long-term debt rating, but warned of a possible downgrade. china's leaders hold their annual mee