FWIW, if some reports are anything to go by (see e.g. [1]), and indeed China itself (see e.g. [2]), China has an enormous (and growing) pile of bad debt. If true, things could get very ugly when the bubble pops.

[1]: http://carnegieendowment.org/chinafinancialmarkets/75355

[2]: https://www.caixinglobal.com/2017-10-20/china-must-guard-aga...