Adding few other points:
* China's new infrastructures are good and modern. (+)
* Education system is reasonable - produce large number of engineers, college educated young people. (+)
* Entrepreneurial spirits/activities are very high in a lot of cities. (+)
* The new roads system are mostly build/own with private money and adding non-trivial cost to the normal business when they need to transport goods. As compare to the highway system in the US. (-)
* The society is NOT govern by the rule of law. It is govern by the will of the Party and who ever is in power. As shown recently by the some famous actors, actress go fine massive amount because of tax issues. The new rules show up one day can cause the majority movie industry disappear in a few weeks. (-)
* The housing bubble is a big issue similar to what happen to Japan 20+ years ago. (-)
* The debt in private industries and local government are BIG issue. (-)
* The central government has recently created new much stricter rules about people (local/business ) taking the money out of China. It looks good on the surface for majority of population when present as rich people's issue. But imagine a bank allow for deposit but only allow for redraw of $100 per day. With that kind of policy, no business would trust a country enough to do new or continue investments.
* The old reformer (DengXiaoPeng)'s believe: It doesn't matter if it is a black cat or a white cat, if it can catch a mouse, it is a good cat.
* The new believe: Those black/write cats who turn into fat cats have served their purposes. It is harvest time.....
* Overall, it don't look good for China in near/long term.