Over the past decades, the Chinese economy has been growing, at breakneck speed, largely fueled by tremendous export volumes, massive debt, and over-reliance on the real-estate sector. Now, manufacturing is suffering under ongoing coronavirus lockdowns, energy shortages, and supply-chain disruptions. The debt bubble seems about to burst, and the real-estate industry will be the first casualty, with ripples eventually being felt throughout China and the rest of the world.