China is even worse than America though. There's no such thing as the free market there or here. In China those construction loans were approved on purpose to maintain large banking liquidity. It was a scam in other words to extend time without an economic collapse. Centralized planning and more bankster scams will not help. Sadly, not much will now, and things are going to get really ugly soon. Think Great Depression but on a global scale, and now most people live in urban areas without any means or skills to grow their own food.