Until these trends reverse, I think a hard landing in China is still a possibility. U.S. economic growth hasn't been soaking up the supply. But the Chinese government and the PBOC (its central bank) can manipulate prices and its economy any time it wants with more money and debt1, 2. But if they reverse the deleveraging1, 2, 3, they will just delay the rebalancing process and put its growth rates at risk1, 2. Because China's credit growth rate, which is fueling all the mal-investment, is unsustainable. Interesting.