Even so, it's difficult to buy into the view that China really wants to slow its economy, at least not significantly. To date, its efforts smack more of public relations than genuine steps to reduce growth. Then again, how would China do it?
Just as in Asia before 1997, investors and corporate executives are so dazzled by China's growth that they're willing to overlook the risks of it all coming to an end. To them, it's China's vast potential and its 1.3 billion people that matter, not a rickety financial system, rampant pollution or the risk of social instability.
Unfolding around China today is one of the greatest building booms in history. A dozen cities vying to be the next Shanghai are constructing five-star hotels, shopping centers, six-lane highways, universities, airports, you name it. It's all being financed with debt that could go bad if the economy slows.
None of this means a Chinese crisis is imminent. Officials in Beijing have proven remarkably astute at keeping things from running out of control. Yet if China is searching for a glimpse of what lies ahead, Asia's experience may provide some insight.