It seems that every 6 -12 months the China perma bears roll out their worries again. At the core of such concerns are a bunch of structural issues: that China’s investment driven growth model is unsustainable, that its housing sector is overheated, that it has lost competitiveness and most significantly that it has taken on too much debt. However, much of these worries have been overdone. This note looks at why starting with the cyclical outlook.