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What China's economic permabears keep getting wrong

Longer-term economic might is assured, no matter how much some may want

| China
Lujiazui financial district of Pudong in Shanghai, pictured on Mar. 4: China has the resources to recapitalize its financial system.   © Reuters

William Bratton is author of "China's Rise, Asia's Decline." He was previously head of equity research, Asia-Pacific, at HSBC.

For all those warning us about the perils of China's debt-fueled growth, it is easy to see the recent bond defaults by Evergrande and Fantasia as the country's Minsky moment, when asset prices collapse after an extended period of growth.

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