China's local governments are dependent on fees and taxes from developers. Builders gorge on no-cost credit from state-controlled banks to churn out high-end homes most Chinese can't afford. Sounds like a familiar recipe for disaster.
It's practically an article of faith in some economic circles that the households of fast-growing behemoths India and China will increasingly begin supporting not only their own economies, but those of the rest of the world as well. Don't count on it: Here's why.