Neither article nor the OP have credible conclusions to what is happening in China. China is in a debt spiral where possible options are becoming more and more expensive. The biggest property builder (Evergrande) has overstretched and there is a fear it is about to collapse. The people buy property in advance in China, before construction has started. The government will have to step in, but this is going to be expensive by anyone’s standards. Think along the lines of the banking collapse of 2008 and then remember this is straight after Covid.
China’s belt and road initiative is faring badly. They have loaned large sums to countries that were bad risks. With the world in the state it is currently, a lot of those debts will default. Russia is touted as being one of those, but I think they will give Russia a deal in exchange for cheaper oil. It is not like Russia has a lot of options there.
Manufacturing is on its knees, because of the deflation that is currently hitting the country - Archived link. They have made purchases for commodities to manufacture, and selling those at a profit is becoming difficult. Again government will have to step in here or loose some of the larger firms. Smaller firms will be allowed to go to the wall if they have no resources. China is a country where accountability is handed out at the behest of the party. I would not be surprised to see some managers imprisoned for being at the short end of this one.
The US’s ban on tech trades is one that will bite. China will see their fortunes dwindle if they cannot keep pace with tech. This could lead to a backlash by invading Taiwan. This would not be good for any country as everyone buys from Taiwan. I think it is as much as 80% of all chips produced come from there. For high end tech that figure is as high as 95%. This would be catastrophic globally.
This would be a huge gamble for China to take on. If there is a protracted war similar to Ukraine, then this will cause global collapses, as people need tech for infrastructure. And even if China could make a snatch and grab on Taiwan, would the west continue to purchase tech from there in the future? I personally think that if China invaded then they would see themselves in a situation similar to Russia, although not with the pace that Russia suffered sanctions. This would be a slow march into a second cold war.
China has gained an arrogance in thinking that it is too big to fail. It is a form of Trumpism on a national scale. One where it thinks it can just ignore normal restraints due to the influence it has on the world. Russia has woken the west up to this reliance on rogue states. There will be a slow move away from relying on China as a manufacturing base for cheaper goods. The EU and the US have already stated this publicly. If China continues on the path it is choosing then the west will close ranks. This is not in the interests of anyone globally.