China is slowing, and probably pretty quickly. The banking sector is in real trouble. It is possible that the real estate correction now underway will be far worse than the one we recently saw in the United States and in other parts of the West.
The economically opaque, crony heavy, environmentally degraded economy is straining under a regime which is defined by fiat. The country is run by decree. In the short run this may work. In the long run it always fails.