Moody’s surprise downgrade of China’s credit outlook this week has reinforced concerns that the crisis in the country’s real estate market is spilling over into the wider economy. While the risk of contagion — particularly via losses at so-called shadow banks — is growing, analysts say China is not experiencing a ”Lehman moment,” a reference to the 2008 real-estate linked collapse of the bank that marked a major worsening of the global financial crisis. Even so, investors outside of China should pay attention, says Larry Hu, chief China economist at Macquarie Group, because of the impact on the country’s growth. “The ... (full story)