The Importance of Chinese Exceptionalism in the Economy

John Avlon: We've seen the Chinese economy struggle at various times, but we've been pretty far off of a collapse. There are bits of Chinese exceptionalism, if you want to call it that, which I think we do have to recognize," he says. Avlon believes China could have a much bigger financial crisis than our own 10 years ago. The misallocation of resources from excessive reliance on credit has to be paid for one day by consumers and creditors,Avlon adds.