Mostly likely yes (insofar as a single bank can matter). When banks collapse it sets off a cascade of debt defaults which rapidly contracts the real money supply in an economy, since most actual wealth (and, in turn, the physical creation and transfer of goods, services, and labor that facilitates) is created via fractional reserve lending. This causes a recession. If it was only this bank, it probably wouldn’t be that huge of a deal for China more broadly. But it’s not only this bank, and it is a huge number of provincial pet banks all tied to the same development and speculation industry. There’s a reason economists have been sounding alarm bells. That’s not to say China doesn’t have the resources to deal with this and/or the fallout, but it is at least a problem to be dealt with.
Genuinely, what the hell are you doing in this community? I’ve never read a more snide and condescending derision of an entire field of labor based on an entirely corporatist, anti-worker, grindset worldview on this forum to date. Following this line of thought across our society leads us to an absolute fucking dystopia, and somehow you’ve not only internalized it and self aggrandize about how you pulled yourself up to the next level of success by your bootstraps, you’ve went and tried to argue that asinine point in a community focused on strengthening the rights, powers, and well being of the common worker.
Why are you here?