When exactly did China become like South Korea?
The search for cautionary tales to explain where the world`s second-biggest economy is headed lead most observers to Tokyo. Certainly, Beijing's dueling bubbles in credit, debt, shadow banking and complacency are too Japan-like for comfort. But the sudden and panicky crackdown on a handful of companies -- Anbang Insurance Group, Dalian Wanda Group, Fosun Group, HNA Group -- suggest Beijing also has a chaebol problem on its hands. The reference here is to the giant, family-run conglomerates that toppled South Korea`s economy in 1997. Signs are that Beijing faces a similar tail-wagging-the-dog problem.