Essentially the argument is that the PRC is making the same errors that every other Asian country has lived through. It is aided by the fact that its currency is nonconvertible but that’s no panacea. It is suffering from a plague of crony loans made to connected people who have hollowed out their economy. Essentially, we’re in the end stages of the PRC’s economic pyramid scheme.
The stakes are quite high. If the PRC falls into crisis, it is much less likely to survive than Japan and more likely to fracture into the traditional solution of warlord dominated regional entities.