[BeauBo]

“While American and Western financial experts are following 1970’s models of global finance, China has adopted a completely different model.”

...printing money.

[Zhang Fei]

[...printing money.]

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They’re not printing money. They’re using the same thing the Japanese did - easy credit. But the real estate bubble in Japan occurred without a lot of direction by government ministries. There was the usual corruption in terms of permitting, etc, but no different from anywhere in the West, although more significant, given the difference between morally-flexible Oriental norms vs rigid traditional Teutonic/Anglo Saxon norms on such matters. Whereas China’s real estate bubble has been directed by an unaccountable government that brooks no dissent on pain of prison terms or worse.

The Party aristocracy gets free shares in companies that come to them for protection. https://www.nytimes.com/2015/10/31/world/asia/chinese-tycoon-wang-jianlin-defends-xis-relatives-and-himself-on-business-deal.html It’s basically a gigantic shakedown racket that, while mild by African standards, is off-the-charts corrupt by Japanese or South Korean standards, let alone European or American standards.