Is China Suffering from Bank Runs too?

Writes the Zero Hedge, (bold highlights original)

The balance sheet recession that seems to have correctly diagnosed the problem facing Japan (and now Europe and the US) - explicitly causing debt minimzation as opposed to profit maximization - seems to be taking hold. However, it appears this death-knell for credit-created growth is now being seen in China - as AlsoSprachAnalyst interprets "people are not borrowing, but selling assets to pay down debts, and/or holding cash". What is most worrisome is that while the focus of the world has been on European bank runs (for fear of bank failure and redenomination risk), 21st Century Business Herald now notes that these bank runs have spread to China's industrial and construction-heavy city of Wuyishan. Queues were seen on various branches of China Construction Bank, Agricultural Bank of China, and Industrial and Commercial Bank of China.

Bank runs represent as symptoms of a deflating fractional reserve banking inflated bubble. If the above account is true and escalates further, then serious challenges lie ahead, not only for China, but for the world.