In terms of personal debt people are sitting on a powder keg.
You look around and yes there's a lot of wealth from the middle to top end but when you see people you know are earning less than 5000RMB a month driving a new car, buying a new flat or even a second flat to rent out, travelling two or three times a year and shopping every weekend you know there's something off.
I've had people say to my face "hahaha, Westerners spend money, Chinese save it" then pull out a credit card to stick a coffee on it.
As someone who watched the unchecked rise of personal debt and credit cards happen in the UK in the era of free money people went mental.
Before we left the UK permanently in 2006 we had a big send off dinner with a group of friends. Talk got to oh you're so lucky leaving, then to oh I can't afford to leave, to people admitting how much debt they were in.
Every single person around that table was between 35,000 and 250,000 POUNDS in debt. Not mortgages. Credit cards.
The scary thing is that they had thought nothing of it as they racked up that debt.
That's what's been happening in China for at least the last four years..
Free play money gifted from the banks. When the bubble bursts it will be very, very messy.