If nothing else, the Evergrande debt crisis may provide a test case for the debate over what happens in China's state-dominated economy when a major private enterprise faces bankruptcy:

https://www.ft.com/content/f655ba5f-7a69-4927-b2b0-355dfb666398

Whether the Evergrande letter is true or false, this is the type of event that in most highly indebted western economies could spark an economic crisis resulting in a domino-effect among other financial institutions and the real estate market.

https://www.google.com/search?q=evergrande+stock&rlz=1C5CHFA_enUS800US800&oq=evergrande&aqs=chrome.1.69i59j0l5j69i60l2.18049j0j7&sourceid=chrome&ie=UTF-8

What will be the effect in China? Will the government make EGRNF whole? Will it allow EGRNF to fail entirely? Will the government parcel it out piecemeal to SROs or viable private enterprises, and let other pieces fail?

If the government does step in, it should fuel the debate between those who think that the results of indebtedness in China are different than in the West (and less critical in a state-run financial system) and those who think the problem is the same everywhere.

But of course, it won't settle anything because the debate is in part ideological...