On December 18, the Japan Economic Research Center released its economic outlook if China experiences a financial crisis such as a bubble burst caused by a collapse in real estate prices. Based on the real growth rate that takes into account price fluctuations, low growth of around 1% will take root, making it difficult to achieve the long-term goal of doubling nominal gross domestic product (GDP) by 2035. Trade will also shrink, which will also lower economic growth overseas such as Japan, the United States and South Korea.The Japan Economic Research Center released the economic growth outlook for 18 countries and regions in Asia-Pacific until 2035. The Japan Economic Research Center publishes its latest estimates taking into account recent policies and economic conditions every year before December.From the perspective of China’s economy, the real estate industry has been in a downturn for more than 2 years. The government plans to strengthen financial support for real estate companies, but this may place an excessive burden on the financial system.If not handled properly, it may lead to sluggish housing sales and plummeting prices, which may lead to a significant increase in bad debts of banks’ real estate loans and the spread of operating risks for small and medium-sized banks. The Japan Economic Research Center regards the bursting of this real estate bubble as “although unlikely.” , but possible risk scenarios”, which estimates the economic prospects in the event of a financial crisis. Suppose the crisis breaks out in 2027.