The Path Forward for China Resembles the Path for Japan Post 1990

The path ahead for China resembles the path for Japan post 1990. The imbalances in China are much worse perhaps the worst we've ever seen and the increase in debt is the most rapid we've seen so the differences are not good ones. My guess is that in China we're either going to see a crisis which I think is very unlikely or we'll get a Japanese style rebalancing.