Things are not looking for for China.
It seems like Beijing has averted a crisis as far as their stock markets are concerned with some heavy-handed intervention. But their corporate debt has already reached $ 16.1 trillion and is still rising.
Their corporate debt is currently at 160% of their GDP and that is twice as much as the US having deteriorated sharply in the last 5 years.
This debt mountain is going to climb an additional 77% to $ 28.8 trillion in the next 5 years.