Avent isn't too worried:
I am less fearful about a China implosion than some others, for a couple of reasons. One is that it's easy to overstate the extent to which Chinese property markets are experiencing a bubble. In some coastal regions, ratios of prices to incomes and rents are clearly in bubble territory, but elsewhere housing isn't much more expensive than it was in 2007 or has become more affordable relative to incomes. Another is that China's government has the financial and political ability to cushion its economy against negative shocks, whereas America has lately had one or the other, and Europe increasingly has neither. It's not impossible to imagine the Chinese economy producing destabilising shocks in the next year, but China is better positioned to handle them than most.
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