China doesn't need the US, it should let its currency rise, and if demand for exports decreases, China can (and should) let its currency rise so that its own people can consume the goods. It doesn't need to export as much then. China's housing bubble is not as bad as the subprime thing because in China you need 20% or more down to buy property, so if there will be a crisis the losses will not be as great. Also the housing problem is in the coastal cities and does not support the entire Chinese economy the way the housing bubble supported the US economy. The demographic problem is overblown, all of those men in their 20's are without spouses now and there aren't any problems...this whole demographic argument in general is not good, population decline and aging doesn't lead to societal or economic collapse, many nations in history have demographic tides in all directions. The main problem of the article also is that as bad as China's problems are, everyone else has much worse problems.