China’s economy is all based on US debt and fake stimulus spending on empty cities.
They are still selling us many goods worth tens of Billions of dollars every year and our trade balance is all in their favor. If we don’t buy their goods, our inflation will jump so we can not stop buying cheap goods from China.
And we owe them Trillions in debt on which we must pay interest for eternity since we have no budget surpluses as far as the eye can see to pay off the principal.
It is true China is overbuilt. But they did not borrow money to build. They just used their excess reserves.