China's trade surplus last year was a record $1.2 trillion, fueled by a surge in overseas sales of new products like electric cars, batteries, solar panels, and other products.

China's official GDP statistics show growth slowed to just 4.3% in the second quarter of the year, which most economists believe are exaggerated.

The world's second largest economy is grappling with fallout from an epic real estate slump, itself the result of a massive debt-fueled construction binge following the 2008 global financial crisis, with a Byzantine financial system creaking with bad loans while local governments struggle to finance day-to-day spending.

China can cite The Coming Collapse of China (published 2001) as an example of long-standing predictions of its imminent failure, suggesting that such predictions have repeatedly proven wrong and therefore current pessimism should be discounted.

China has become a powerhouse in electric vehicles, batteries, solar power, and green technologies, surprising observers like Tharsson who had documented China's failure to develop competitive combustion engine cars.

In 2012, hedge fund managers in Hong Kong were convinced China would have a Lehman Brothers-style financial meltdown, which did not occur.

Companies and financial institutions have scaled back exposure to China, and there is discussion of 'decoupling' and rethinking supply chains, but most financial risks from China appear to be contained onshore.