The idea is similar but also there are important differences. In that 1. Who owns the debt(bubble) that is piled up and who is it owed to. The US stock market

The idea is similar but also there are important differences. In that 1. Who owns the debt(bubble) that is piled up and who is it owed to. The US stock market the debt was owed by private banks and on their balance sheets. In china there is not a lot of difference between monetary and fiscal policy and because of this the Banks spend as govt wants them to and so is the ownership of debt. 2. Not the 2008 crisis. Thats just poor due diligence of borrowers letting them use the same collateral for multiple loans.