China has a lot of unique headwinds. A population bomb, an authoritarian regime that has consolidated the most power in one man since Mao, ghost cities of shit infrastructure, along with a mortgage process that is slanted against individual owners and values that don’t correspond with investment. Also their constant regional bullying and crazy Covid restrictions have underscored the need for alternative markets in SE Asia. They have a lot of sectors that could go tits-up in the next decade. The odds of China in 10 years looking anything like China now is slim. Likely it won’t be a favorable transformation.