This one should be read after you read Michael Pettis's take on Chinese debt, which was the Outside the Box that went out on Friday. Then check out what my friends at GaveKal are saying about the Chinese nonresidential construction market: there is basically 8 years of unsold inventory. They politely do not call it a bubble. But I do not see how you can look at it and not see a real problem, especially when you think about it through the filter of Michael Pettis’s musing on debt.