[esics6A]

This is an entirely naive view, debt is debt even if it's domestic and funded by government funds. Evergrande is one of several high profile defaults now occurring with major property corporations in China. Cascading failure even slow failures will impact the national economy in really bad ways. These failures happen slowly and gradually and then all at once towards the end of a nations downward spiral.

A nation that overproduces manufactured goods but has to import food from foreign nations to feed it's own people and braces with power cuts even it's most industrial areas is in trouble. Put in a toxic debt scenario, reliance on foreign states for energy, worsening foreign relations and a pandemic and you have a recipe for cascading effects. This is the same path that the Soviet Union took and at one time they had taken lead in many areas such as space exploration. The Soviets also had the advantages of energy independence and plentiful natural resources. China has no such advantages and doesn't nearly have the overwhelming global power that the Soviet's did at their height. The Soviet Union could have been described as a global empire something that China hasn't yet achieved.

What makes the impending China collapse worse is the magnitude of debt levels and the impact on the global economy due to China's deep integration with it. They won't just go down but will take all other industrialized nations with them.

There's no government functions in China that have any ability for transparency, accountability or self-criticism. China's current militant "wolf-warrior" stance in world affairs telegraphs it's own insecurity. They internally know they're failing and the risk is increasing but can never admit it or take corrective actions because that would mean admitting their top leadership have made mistakes.