The Chinese economy is more fragile than you think. You’re about to launch another massive stimulus program to prop up your slowing economy, which will only inflate the bubble further.

Xi’s base of power is also not as stable as it seems. There’s grumbling within the party about him over reaching and the slowing economy is giving his opponents ammunition. If things continue on the current path, you may start to see open opposition to Xi’s policies, which will lead to questions about Xi’s leadership.