hurt the global economy. it s already affecting sentiment and roiling financial markets. it s because the economy here is so highly dependent on the property sector. real estate and infrastructure have been huge drivers for china s economic growth by some estimates 25% to 30% of gdp, that s just not normal when you compare it to other countries and it s what s made it that much harder to clamp down on the property sector as its become overextended and overheated. there will be economic and political pain here, but this is not the lehman brothers type of moment, a lot of people have been drawing that comparison, this is a different financial bomb. i spoke with michael pettis professor of finance at peking university and he says this isn t a lehman type of meltdown. people know what their exposure is and more importantly the system won t freeze because the system is basically owned or controlled by the government and