What did China do to overcome the economic crisis

Since the beginning of this year, after China's second largest real estate group - Evergrande Group declared its inability to repay its debts, thousands of articles from foreign media have provided analysis. to prove: Beijing's economy will soon collapse. They have grounds for saying so.
Because China's recent situation has similarities with some of the great crises of the United States in the past. However, if we dig a little deeper, we will have a different view. China does not easily fall into a crisis like the United States. Why is that? Let's find out together.
Since the 1990s, China has entered a period of miraculous economic growth, with an average growth rate of more than 10 percent. By 2009, they beat the United States and became the largest producer in the world. Business activities boomed. Many people become entrepreneurs and become rich. Confidence in the possibility of success always outweighs the fear of bankruptcy.
Therefore, from bankers to investors, they are overly optimistic. Banks are actively lending, and people are happy, borrowing as much as possible. Up to now, the total amount of money that Chinese financial institutions have lent has reached a terrible figure, with $51.870 billion, or 341% of GDP.
A large part of that is used by investors to buy real estate, speculating to make a profit when prices rise. As more people join, i.e. demand increases, so does real estate prices. As a result, by 2020, major Chinese cities like Shenzhen and Shanghai will become four times more expensive than New York in the United States