I&#x27;d say the main reasons to be worried are:<p>- notoriously murky economic figures from the government<p>- explosive growth of credit and especially shadow banking<p>Oversimplified, imagine borrowing money for 6% p.a. and investing all of it into some mutual fund that the last 10 years yielded 7% p.a.  If the fund&#x27;s returns drop to 5% that&#x27;s still a pretty good return, but doesn&#x27;t make you any less f&#x27;d.<p>So, given that people can&#x27;t really trust any official statistic from China, and remembering very loose to non-existent shadow banking control, people are nervous.<p>And I&#x27;d say, it&#x27;s best to be nervous and earn less, than euphoric and lose everything like during subprime.