All these spells potential trouble.
My view of the 2008 crisis is that it was and avoidable crisis so long as leaders do not get stupid. At a critical moment of the crisis, the US govt was alerted to the problem and potential contagion risk of Lehman brothers collapse. The politicians refuse to bailout Lehman resulting in the financial crisis.
The bursting of the Japanese Real estate bubble did not result in a crisis.
The Chinese Real estate sector is 20-30% of the economy so a long term slump means that China will see slow growth jn the coming decade.
The US and Japanese bubble occurred when they are high income developed countries. China today per capita is only same as Malaysia.
Like the Japanese economy China is dependent on exports and this will remain so for a long time.
China with left leaning anti business policies will see growth tapering in coming years.
I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.