Just because the collapse hasn’t happened publicly doesn’t mean it won’t happen or it hasn’t happened. China can’t escape economic gravity, the same way Soviet Union didn’t escape gravity when it collapsed, even though everything was ok state owned.

Checkout Chinese provinces lying about inflating 25-30% of revenue, overstating their constant 7% gdp growth, debt ratio of over 300%, massive capital outflow, their own economists warning of a crash, and many others To see just how bad their crash will be