China's economy crashed big time in fact. They took on upwards of $30+ trillion in new debt in just six or seven years to continue faking the old levels of growth, trying to buy time. They pulled a Japan, at warp speed.

In other words, China took on nearly twice as much debt as they gained in GDP expansion over that time. Since the later part of the previous decade China has seen a plunge in the return on invested capital when it comes to GDP growth - the situation is so dire now, they have to add over $1 of new debt per $1 of new GDP they get out of it. The party is over. China is already the most indebted country on earth (while half a billion of their people live on $2 per day), and their pace of debt accumulation isn't slowing down. The outcome of that financially toxic situation is obvious.

To keep faking 7% growth, China has to take on $20 to $30 trillion in new debt in just the next five or six years. It's a scale of debt the world simply has never seen before.

This. The Chinese economy is driven by investment, not export (though that helps). Western investors think investing in China is a good idea - that's where the growth comes from. And they're not wrong - investment in China has paid off (for those that have managed to navigate its complicated business-politics).