Not unexpected with the fiat based capital boom ending as they always do. Yet i do not really know just how significant all this is. The sheer size of the Chineses economy puts all this into a different realm as we have learned watching China over decades.
All instincts turn out to be wrong.
Recall that just transitioning the last third of the Chinese completely into the modern economy will still take time and will still expand the Chinese economy. So it should work out just fine.