Not quite a Lehman moment

China is well placed to deal with the fall-out of the problems at Evergrande

It was hard to miss a touch of glee in Western commentary on the possible collapse of China’s real estate company, Evergrande. The Chinese had it coming, didn’t they? China’s growth miracle had been fuelled by debt for quite some time. Now, the Chinese were getting their comeuppance.

Some two weeks after its problems surfaced, Evergrande has missed its third round of bond payments. But concerns about a broader financial stress emanating from the firm are on a lower key.

Predicting doom for the Chinese economy isn’t new. Commentators have been telling us for a decade now that China’s debt bubble was