At times, the Chinese real estate market was the largest single market in the world, accounting for 7% of the global economy. The Chinese construction miracle was responsible for pulling the global economy out of the mire after the Great Financial Crisis of 2008/2009. As we can now see, this was artificially created, centrally planned growth without any substance, with over 70 million residential units standing empty and prices continuing to fall dramatically. The deflationary pressure that this individual market is exerting on the entire Chinese economy, and therefore also on the global economy, is currently being partially offset by massive liquidity injections. End open!