Has China entered a balance sheet recession?

Richard C. Koo coined the expression “balance sheet recession”—when individuals and companies focus on restoring their solvency, with detrimental effects on the overall economy—in the context of Japan's "lost decade" of the 1990s. Is it an apt template for what is unfolding now in China?
Joining this episode of Financial Statements are:
HOST
Nicolas VéronSenior Fellow, Peterson Institute for International Economics (PIIE)GUESTS
Richard C. Koo Chief Economist, Nomura Research Institute
Guo Kai Senior Fellow, China Finance 40 Forum (CF40)