Inflation is everywhere, just in different forms. You know why China's CPI has been fairly low in the past decade? Because CPI does not include the purchase of residential properties as they are considered to be capital goods.
But that does not mean the Chinese are not facing the pressure of the rise in actual cost of living. Especially when Chinese girls place importance of owning a house when looking for a potential match.
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Increase in housing prices > increase in household debt > increase in banking assets (other side of the balance sheet)
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In Singapore, the annual median household income can buy you around 21.95 sqm of housing area (HDB).
In HK, the annual median household income can buy you around 1.94 sqm of housing area.
In Beijing, the annual median household income can buy you around 2.69 sqm of housing area.
In Shenzhen, the annual median household income can buy you around 1.77 sqm of housing area.
People are complaining about housing affordability everywhere in Singapore, and yet in Chinese first-tier cities housing affordability is like 10x worse. It's pretty obvious the Chinese real estate is in a huge bubble.
Yes, the US financial system suffers from problems like federal deficit at 5.5% of GDP and dumb politicians playing a game of bluff with the debt ceiling. But the problems are not insurmountable, if they can get their shit together by cutting spending and raising taxes.
OTOH is the Chinese financial system more stable or inspire more confidence? They are in a catch-22 situation with regards to their colossal real estate bubble. If it pops, the whole banking system will suffer a massive collateral damage and local governments will run out of revenue. But if prices remain high, people will remain as mortgage slaves and domestic demand will suffer.