China's debt problem is currently estimated at $2 trillion

GDP And Credit Expansion
(Image by Next Big Future)   Details   DMCA

Bad debts in the Chinese banking system are ten times higher than officially admitted, and rescue costs could reach a third of GDP within two years if the authorities let the crisis fester, Fitch Ratings has warned.

One way to deal with assets in the over-priced housing sector would be to implement a nationwide Land Value Tax. This would lower prices while channeling the rent into the communities. It would get ghost city inventories moving & allow untaxing of incomes & offset inflationary pressures when China inevitably starts printing money to escape its debt burden.
China will continue exporting its debt via foreign infrastructure projects. A worldwide resource tax would force more efficient use of dwindling resources & foster new resource-saving industries.
It's manageable but will require unprecedented levels of non-ideological practicality & global coordination.