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Of all the fears discussed in the financial community these days, worries over China’s expansion loom large. The government in Beijing has revised down its growth expectations to 7% to 8% a year from the old, breakneck pace of 10% to 12%.

Private groups, such as the American Chamber of Commerce in China, have made similar downward adjustments in their expectations. Meanwhile, concerns about a burst Chinese real estate bubble cast doubt on even the reduced growth expectations, not the least because they call to mind America’s troubles of 2008-2009. Though there is good reason to anticipate a slowdown in the pace of Chinese growth, it would be a mistake to exaggerate the risks, and especially to do so by drawing easy parallels to America’s real estate debacle.

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