It has become a common trope in the commentariat to liken the collapse of China’s real estate market to the Great Financial Crisis of 2008. However, financial equities in the United States lost 50% of their value while Chinese financial stocks gained 20% in the 10 months from November 2008 to August 2009. The following figure compares the performance of the financials sub-index of the Shenzhen 300 Index over the same months in 2022 and 2023 with that of the S&P 500 in the run-up to the GFC (October 31, 2007, through August 15, 2008).