China

While the US economy is heavily dependent on consumption, China's economy relies on investments. China kept its GDP growing by building infrastructure with an emphasis on housing. The result is they over built and now are faced with an over abundance of houses and apartments. This is causing the price of real estate to decline. Meanwhile starting about ten years ago China embarked upon a world wide project called Belt and Road Initiative. Using Chinese money, people and construction companies they began building large projects in countries around the world. This was to keep Chinese companies and their employees working. Almost a trillion dollars has been spent on various project to date and many are only partially completed. About 60% of the countries are having difficulty repaying the cost of the projects and many are in default. This is just one more nail in the coffin of the Chinese governments long list of poor management decisions.