This is a good thing that shows(if not proves)that they are getting out of poverty.
And is something they pursued for decades, so this is pointless info for the point you make: "China gov in Panick mode"
Now, The current President, was already born with the lack of confidence, it means, the first day he assumed China's Gov, He was already in Panick mode.
He needed to break a lot of the internal stability and a lot of power lines Inside the Party, to arise to power, So , His government was born with this crucial weakness already,
And thats the reason the first week of assuming presidency he ordered to place absurdly ridiculous warmongering Ads in all the subway screens....
..Absurd and ridiculous even for the Chinese, the chinese average Joe is much smarter then what you think.
When a ruler start talking too much about war, you know he is afraid and Scared of loosing his power.
Master Margareth Tatcher explained that if you need to Show Power, It is because you don't have the power.
But taking google or yahoo down for days was already normal 15 years ago (when google was not totally blocked) ...
Is not anything significant, just a collateral datapoint, at least for me, who have much more Older and Broader data about this issue.
Luxury brands crash is not because of economic reasons, Luxury Buyers don't care about economical crisis, they are already freaking Rich, They are Rich in any situation, they are not affected, specially in China, where are Billionaires every corner. So why the sales dropped??
Because this wealth people got their moneys from corruption, and chinese people is fed up with this,( fight corruption, same as WarMongering, is the bulshitt the new president use to try to look better , because of his lack of confidence)...
And this people are afraid of the Security Police hunting down "grey" or "black money" , So they don't go near a Louis Vitton Shop even with a 10 feet pole.
Economy is bad because of incompetence of current government, Economical Incopentence, political incompetence, all Incompetence you can think.
That't the reason, but despise His Incompetence, our economy is still doing not so bad. So the wishful thinking of China Moon land deniers ( people who believe that the chinese space craft landing in the dark side of the moon is a fake video)...
And this wishful thinkers Deniers, will wait until the end of their lifetimes, if they think China economical Apocalypse is coming.
The Bible's Apocalypse will come before that, believe me.
I have been listening to "China will brake anytime now" for at least 25 years, before I even dream to be approved of the Economy University in China.
So I don't worry about economy, but I am extremely worried about the current government Malice and Incompentece,
...exactly the opposite of the former Hu Jin Dao and Wen Jia Bao ruling period, a period of Competent and wise ruling, that is unfortunately not the case right now.