Except the US do have a rather strong private sector that is capable of absorbing the debts (and maybe empty skyscrapers too). China on the other hand, always

Except the US do have a rather strong private sector that is capable of absorbing the debts (and maybe empty skyscrapers too). China on the other hand, always squeeze and bit off wealth from it's private sector, sometimes not even by using the power of market force. China instead just issues laws and regulations until private business lights out. For example, it is completely illegal for an individual entrepreneur to start up video sharing service (like YouTube), because hosting video sharing service require special license. And one of the condition is that the owner entity must be state-owned or state-majority. Without the license, the operator can be fined a huge sum of money and/or be jailed. On the similar faction, there are also license requirements for operating service like news, BBS/forums/guestbook etc. Not all of them require a state-owned or state-majority owner, but still, enough to drive business ideas out of the window. So that's a little background information I thought you should know. Of course, not all laws and regulations issued by China was unreasonable and designed to drive out private business, and IMO state-owned company can operate many fields better than private ones (like running your water, gas, bus, hospital etc). But "letting good people do good things" is just not how things work in China.