That was true 10 to 15 years ago. It's no longer accurate. China has become a massive accumulator of debt at the consumer level. While it's not as bad as the US subprime situation was, it is bad and getting worse.

Since year 2000, China's household debt has gone from 8% of GDP, to now 40% of GDP as a ratio (the US is 75% by comparison). Mortgage debt has become a common problem in China. At the rate household debt is expanding in China, they'll be up to 60% in four years or so.

http://www.bloomberg.com/news/articles/2013-02-19/china-hous...