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China's Lehman Brothers moment

Spate of late-year defaults suggests bears might be right after all

| China
It is not anti-China to believe the laws of gravity apply to President Xi's nation.   © Reuters

William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."

Investors betting on a Chinese debt crash these past 10 years have little to show for their skepticism about the world's No. 2 economy. Recent turmoil in credit markets makes you wonder if the bears might soon have their day.

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