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Japan's four lessons for debt addict China

Beijing must clamp down on credit and pounce on shadow banking to avert a crisis

| China
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Credit bubbles and real estate debt all sound very familiar.   © Reuters

Moody's certainly knows how to change the subject. In the 26 days since it downgraded China, the first cut since 1989, the market sentiment pendulum has swung from boom to bust.

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