There's a lot ado about the Chinese real estate bubble. IMO this is less significant than the US GFC which was a massive R/E bubble which required massive Government intervention not only in the USA but in Europe also.
For example the Republic of Ireland was set virtually broke by its R/E bubble 2008-2013 requiring a Troike bail-out by the EC, ECB & the IMF. Of course that was temporary because the ROI not only recovered but it ranks in the top 5 globally in wealth and specifically in GDP/Capita.
Just look at the US vs China today. Since the Trump re-election the US looks like a mob of pleb amateurs with desperate policies in order to keep the US economically viable while China has well measured long term economic plans with a stable political regime capable of implementing them eg:- -BRI -Made in China 2025 -SCO -pro Globalisation -BRICS leader to counter US global capital leadership with alternative Global Reserve Currency plans.
With 30% of Global Manufacturing and Trade, China has the runs on the board China has already devised strategies to avoid a USSR or a Japanese economic collapse so to expect either of China is merely "wishful thinking" IMO.
