I suspect China will avoid an all-out crisis, but economic growth will limp along at next to nothing or worse
Bloomberg 9 November 2021
Some of us still remember the Japanese bubble economy — or as the Japanese themselves called it, the “babaru economy” — of the late 1980s, when prices of many assets, above all commercial real estate, went completely crazy.
Then everything crashed.
The bursting of the Japanese bubble didn’t lead to a financial meltdown. But it was followed by a prolonged period of economic weakness
Paul Krugman NYT 24 September 2021
Why China’s Real Estate Slowdown Isn’t Like Japan’s
Bloomberg 10 november 2021