In the early 1990s the consensus view was that Japan was on the road to economically conquer the world. Then it ran smack dab into the leveraged real estate trap, the bubble exploded, and to this day still have not come back.
Today global financial markets are fixated on China's Evergrande and its over leveraged real estate problems, with bankruptcy a real possibility. This throws a bit of a roadblock in front of the consensus view that China will be the pre-eminent economic power within a few decades.
Deja vu all over again? Yogi Berra.