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Why is Xi giving Evergrande founder Hui Ka-yan a free pass?

Property developer's $305bn debt pile an existential crack in China's growth model

| China
The Evergrande Center in Shanghai, pictured on Sept. 22: Xi's team must act fast to create mechanisms for highly indebted sectors to cleanse balance sheets.   © Reuters

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

As China confronts the great reckoning market players long feared, ghosts from crises past haunt the conversation: Alan Greenspan and John Meriwether.

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