China has a skewed top-down economy that still reflects the instincts and control of the Communist Party.
Private consumption is only about 35% of the economy - a figure about half the USA’s and well below “normal” levels. “Investment” is 49% of GDP - a huge figure representing the chinese Gov’ts control over the economy at all levels.
IF China has a crisis - it will be begin in politics first, because the Communist Party and the Gov’t ARE the chinese economy/
How much of that "investment" is being embezzled by Party members at all levels.