So will it impact China's growth? The international financial implications of Evergrande going under may be limited since most of its debt is domestic. Still, there will be second round effects. If it's the free flow of credit that has helped to sustain China's rapid growth, especially after the international financial crisis of 2008. Tighter credit norms must affect the peace of Chinese economic activity and therefore of the larger global economy. This could mark the end of the long run of "miracle" growth that has made China.