China is the world’s Ultimate Crony Capitalist State. It has been now for decades and despite the shiny buildings in many places the gears of the nominally communist country have been grinding down for a while now.
Many people have forgotten the serious economic tremor of the summer/fall of 2015 that was centered in China. At least many Americans have. The Brazilians who were sent spinning off into economic crisis because of the Chinese economic earthquake haven’t forgotten.