Aus is very exposed: - falling commodity prices - China has a lot of empty property - A dangerous build-up of debt and an explosion of risky and poorly regulated shadow banking - Since Lehman Brothers collapsed in 2008, the level of private domestic credit in China has risen from $9 trillion to an astounding $23 trillion. That is an increase of $14 trillion in just a little bit more than 5 years - continued gdp to keep falling in china