IMO the problem with commentators on the Chinese economy is that the fail to recognise that China has more of a Political Economy than that of Western countries on which economic ideal paradigms have been formulated. China's economy is a 50% split of State Capitalism and Private Enterprise where the Adam Smith notion of the "Invisible Hand" is more the Steel Fist.
Add to that the Marxian belief that Capitalism holds within it the "seeds of its own distraction" and then you can see why China is not panicking about its property bubble but instead, like Ireland immediately post the GFC, it has the infrastructure in place to nationalise any distressed assets, develop them and flog them off at massive profits later. This was done in the Republic of Ireland 2009-2018 (NAMA) and now there is a shortage of houses and apartments there with prices going through the roof.
Apart from the R/E Bubble, China is just now recovering from its comprehensive Covid lockdowns when unlike the West, it prioritised citizen's health before profit. Just imagine what the US economy would be like now had the US adopted the Chinese Covid model? And despite the Chinese 2 year draconian lockdowns , its economy is now growing by at least twice that of the West and closing in rapidly on that of the USA (Nominal) . China passed out the USA in GDP (PPP) in 2015 and of course that's when the US panicked breeding the anti-China syndrome both in the USA and here.
