Belt tightening is a phrase used to describe an economic policy of reducing government spending and increasing taxes in order to reduce the budget deficit. The two crossword solutions, FLABBY and CHINA, are related to this concept. FLABBY is an adjective meaning 'lacking firmness or strength, ' which can be used to describe a weak economy. CHINA is a country that has implemented belt tightening policies in recent years in order to reduce its budget deficit.