The 2008 "Lehman shock" is finally catching up with China.
Beijing beat the odds for a decade, with the Chinese economy growing at above 6.5% year after year. It managed that feat with an epic explosion of credit and debt at government and corporate levels. The latter, for example, surged toward 170% of gross domestic product, from 101% in 2008. Corporate America's ratio, by comparison, is about 73%.