If your exceptionally good salary depends on to NOT to understand something then you won't understand that for all of your life.There is a difference in both intent and effect between simply underestimating risk versus knowingly masking underestimated risk to be pawned off to others especially in a systemic way.
In this kind of market environment ( negative real interest rate ) the market will create the bad actors.
The 97 crisis affected China as well.What China limping? It's the US that suffered the 2008 economic bank meltdown not China. I don't know why you bring this up? China is doing fine no matter what the naysayers said.
And since that China use the same model like Japan/USA/UK/CCCP: negative real interest rates for deposits.
So, the Chinese (USA,UK,CCCP ) government bailed out the big companies from the household savings.