This time, just like most times everywhere, cheap money in China has been massively misallocated to real estate.
Gwynne Dyer (who isn't especially alarmed about Iran) for The Japan Times, here:
People in the West want to believe that China's economy will go on growing fast because the fragile recovery in Western economies depends on it. Twenty years of 10 percent-plus annual growth have made China the engine of the world economy, even though most Chinese remain poor. But the engine is fuelled by cheap credit, and most of that cheap money, as usual, has gone into real estate.
Is there such a thing as a good commie?
Good commies would invite the rural hordes to live in all that new, mostly unoccupied, real estate.
Human nature being what it is, I wouldn't count on it. Revolution is more likely.
