China is, to paraphrase Churchill, "a mystery wrapped in an enigma", but There's a bit we can discern from the outside.

Their demographics are upside-down (not enough young adults to support elders) and skewed male in that generation due to selective female abortion due to one-child and the cultural preference for sons over daughters - so they're unlikely to ever recover.

It's in financial freefall primarily due to a housing bubble bursting (see McMahon's "China's Great Wall of Debt" for the full story).

The cost of labor has gone up; China is no longer the place with the cheapest labor, the flow of excess population willing to work for very little from the farmland to the city is mostly over and there are migrant issues due to the need for a 'permit' to live in a city.

Then there's the oncoming oil issue. Russia's oil and gas are leaving the market. The ones China has easy access to are probably the first ones to fail, due to being in permafrost, the majors and oil contractors being gone and Russia lacking the local know-how to keep them going.

On top of that, the West has (finally!) woken up to the intellectual property theft that has been going on for decades and its slightly more recent abuse of its MFN status (essentially 'dumping' on the markets that MFN has given them access to).

Japan was in a similar situation in the 70s (other than the M/F demographic skew), but they were a rich nation then, and were able to create manufacturing co-located in the overseas locations that were its markets, keeping some intellectual work at home.

Will China be able to do the same? It's not looking good.