News: Largest Asset Class In The World Is On The Brink Of Collapse

China's real estate market is undergoing a staggering $18 trillion downturn, drawing parallels to the 2008 U.S. financial crisis. The impact on consumer balance sheets is equally alarming, with a $20 trillion loss threatening aggregate demand. Local governments face tough challenges amid this turmoil. Furthermore, the looming crisis in China could have global repercussions that current stimulus measures may not adequately address, prompting a need to examine potential historical impacts.