The problem with these sorts of financial crises is that they're only blindingly obvious after the fact. Beforehand people are too busy telling themselves that we're in a new era, the old rules are obsolete, and everything will be fine.It's mitigated by what I'd call 'Regulation with Chinese Characteristics'.
Almost every senior bod in the financial sector is a Party member or otherwise plugged into that network,. As a result they're both briefed on what they're expected to do and read their fortunes if it looks like they're heading off-piste.
The closest equivalent I can think of in a democratic state would be the post-war Japanese keiretsu whose senior members were closely linked to government, largely through shared alumniship of Tokyo University Law School.
It's funny that you mention the Japanese as a model which China can follow to avoid problems. It was precisely the Japanese bubble which collapsed around 1990 that I was thinking of. It started in the property market, spread to the stock market, and then to pretty much the whole economy. They still haven't really recovered to this day. Economists are still arguing over the cause and aftermath.
I don't know if you recall this, but during the 1980s the Japanese were an economic colossus who had the Americans in a panic. They seemed destined to dominate the world economically, and they were a common stock villain of Hollywood movies and American pop culture in general. It was probably just the even greater perceived threat of the Soviet Union which kept the Americans from fixating too strongly on the Japanese as an "enemy".
The Japanese meanwhile were assuring themselves their success was due to factors inherent to their culture, and that this would continue indefinitely. Nobody seemed too concerned about such things as "the grounds of the Imperial palace in Tokyo being worth more on paper than all the property in the US put together", to pick one favourite tit bit which people liked to quote. Another example was something like three fifths of the world's biggest companies by stock market value were Japanese.
So when you say the Chinese regulatory system is very similar to that of post-war Japan, I don't feel at all re-assured.