Chinese "Growth" story

Not everything that is said about the Chinese economy seems true. Here come two articles shattering the modern myths that have been built around the middle kingdom.
http://www.ritholtz.com/blog/2009/09/andy-xie-what-we-can-learn-as-japans-economy-sinks/

   Andy Xie's article makes for some grim reading for the China-maniacs:
1. "A likely dip for the Anglo-Saxon economies next year will underscore these truths. The same goes for anyone who thinks China's latest real estate bubble, asset borrowing and shadow banking system are worthwhile substitutes for real economic growth."

2. "Japan's household sector has indeed de-levered. Its debt at 69 percent of GDP is one of the lowest among developed economies."
   This means that the other "developed" economies have a household debt of higher than 69%!!!

Real estate bubble in China:
http://in.biz.yahoo.com/091222/137/bauspk.html

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