Russell is my all time favourite strategist and this article https://www.eri-c.com/news/303 on the dilemma facing the People Bank of China is a must read.
I have take screen shot of some interesting paragraph which will tell you that china is in serious trouble.
China has seen zero growth in their commercial bank reserves since 2015
why is China see huge capital outflows and the return on capital is so depressed in china
why the endgame can only be global deflation
My two cents
The only way out for China is by currency devaluation or getting more capital inflows than outflows to increase the bank’s reserve and liquify the economy. This is why China made adjustments for its markets to be included in MSCI and Barclays indexes. IF those inflows don’t materialize then China will have no choice than to either allow its domestic economic growth to collapse or inflate away its debt be devaluing