Remember high- growth woes amid low-growth worries

INVESTORS might be scared of slow global growth and deflation. But growth isn't everything. Just ask China, where ballooning debts were putting it on the path of spectacular collapse. Or Singapore, which is still trying to reduce its reliance on the cheap foreign manpower that has powered its growth.

In China, rampant credit use has stoked sky-high inflation, even as state-owned banks kept interest rates for depositors low. Investors became desperate for returns. They poured their life savings into property and sh…