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This article goes into the housing market decline in China and talks about it from the perspective of a Westerner. If this were the West, the conclusiosn they are drawing might well be correct. It is not, however, and that is the issue with so much reporting on China and other parts of the East.

I used to know a number of Chinese mainlanders through work. These were people whose parents and family were still in China and were closely connected to it. At one point I saw that the Chinese stock market was declining and asked one of them about it as she said her family was heavily invested. What she said surprised me - she wasn't bothered at all. She explained that Chinese people still have the collective/nationalist mentality of investing in their country. They put their money in the Chinese market not because they expected safe asset growth, but because doing so built the Chinese stock market. The same thing happened in real estate - to build a real estate construction market and create enough housing for everyone, people collectively were investing in it, ie funding the things they wanted. In this way they were building their nation. Any earnings they gained from it were understood to be a result of the country's efforts to improve collectively, and they didn't think it was because they were clever "investors" who deserved and earned that growth. As such, seeing a decline in those asset prices didn't bother them - it was seen as part of the deal.

Chinese people don't think they are getting richer on their own amazing talents and boot-strapping. They see themselves as a contributing part of a nation that is itself getting richer, which leads to increased wealth for all of them. They do their part by reinvesting in the economy, guided by the CPC which governs the country. The govt creates industries and they get a good paying job. Then they are told to invest those earnings in a certain sector, and they do it. That sector grows, enabling more wealth to come to everyone in time.

This is why China is booming, and why using Western economic tools to analyze it is retarded.

Back to the article - they're probably right that the Chinese "reopening" will not lead to "global growth," because from the perspective of the writers global means Western. China is not going to direct its economy toward the West but instead will focus on keeping the money within China and its partners in the world, IE the East and "global south." Those regions will reap the benefits of Chinese growth, rather than the West. Welcome to the new world.