China has only a make-believe market economy, dependent on the Communist party, special considerations and corruption.

After forty years of "made in Japan" and the latest, thirty years of "made in China"
I only entirely and completely care about Australia and its huge loss at the hands of politicians who have promoted both for the betterment of their personal empires!

It's clear the Chinese have many problems and no palatable solution in sight? Given the inherent reluctance to embrace democracy and now essential transparency.

Q: How can a one-party state embrace democracy?

A: By having contested elections that pit individual against individual and idea against idea.

All possible inside a single party system!

Moreover, any winner must be limited to no more than two terms, lest they are corrupted by the welding of power?

And complemented by the staged rollout of regional autonomy and benchmarked excellence in economic stewardship? And awards for cleaning up corruption and corrupt activities.

Some of which would be assisted by the rollout of space-age lie detection and deployed as assisted integrity testing in the highest placed and most privileged! Which must be enabled by a team that is regularly changed to avoid collision or corruption of an independent system?

Which itself, must be subjected to regular truly transparent integrity testing to ensure all the produced results, are honest ones!

As in any society or system, the rot always starts at the top and lead by example!

As for us, we need to end our almost exclusive reliance/dependence on China for our economic well being, given how much that damages us as a free and self-reliant nation?
Alan B.

Apologies and correction. Collision was intended to be collusion.
Alan B.

I am still scanning the pages for the first ad for "Australian Grandmother for sale" now that
Australian Unions have no more local manufacturing to offer.

"The real danger for China is that if employment is affected, the Chinese government will have to stimulate the economy. This will further stretch the highly leveraged Chinese financial institutions."
Only if it's a monetary stimulus. If it's a fiscal stimulus it would allow them to deleverage.

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ttbn,
No, it's a real market economy severely weakened by corruption, special considerations and its dependence on the Communist Party.

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Alan B.,
Though what you're describing is theoretically possible, the Chinese elites have been busy entrenching their corruption. They power they hold (and exercise) over anyone who dares criticise them means they are accountable to nobody but themselves, and the Xi's anti corruption campaign is just a facade for an anti political enemies campaign.

It's almost as if they want another revolution!