"Following the lead of the Federal Reserve, the People's Bank of China (PBOC) started to expand money supply by the end of 2008. The monetary injection immediately led to sharp increases in credit lending at nearly the same speed and magnitude. Despite positive inflation, the real growth rate of outstanding loan balances increased from 5% per year in mid-2008 to 12.49% per year in December 2008, and further up to 32.5% per year in June 2009 – a historical peak during the entire reform era since 1978 (right panel in Figure 6).
As a result of the credit boom in China, total industrial production nearly doubled between 2007 and 2013, whereas that in industrial countries (such as the United States, Europe, and Japan) remained below the 2007 level until 2013" - so much for Yi and Jing.
The question arises: Could the US or the EU do the same? No. The West is already overinvested and overcredited, especially Western Europe. Could China repeat the trick if necessary? Hardly in the same size. Credit cannot just grow to the sky. Not even in China.
And finally: will the Chinese story with credit expansion have a happy ending? The answer in not clear yet, but there are serious doubts.