Hi fellow armchair economist, Sinophiles and fortune tellers of OzBargain.
What do you all think of the growing crisis with Evergrande? Lehman Brother redux? With 75% of all household wealth stored under the bed of the housing market in China and with almost 90% Chinese are "home owners" with massive mortgages, are we going to see the housing market bubble burst if Evergrande and other developers go under? Which might reduced consumer spending, see a retraction of the Chinese economy, triggering another global financial crisis? Or will Uncle Xi save the day?