Huge problem in China is that unlike Japan it is not a uniform country. Income is VERY unevenly distributed geographically. Japan can stay in zombie state because even in stagnation it is pretty nice place to live for most people. The poor areas of China can not afford stagnation. Elite knows this and dreads it, why Vancouver housing market is nuts? Because when you live in China and have $$ you really want to have a place to bolt to or at least have your kids be somewhere else when the proverbial shit hits the fan.