Like most financial crises, much of the problem stems from debt. But it is not just the amount of debt. It is more to do with the speed at which it has been accumulated and the way it has been spent.
Instead, they've been stunned by the silence emanating from Beijing. While interest rates were cut again this week – the second time this month – the action fell well short of what most analysts regard as the minimum required to pull the country out of its spiral.The Japan example A trading and manufacturing powerhouse, its status as one of the world's richest nations was accompanied by a property boom unlike anything the world had ever been seen.
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