There's a lot of corporate scams in China that gets swept under the rug. That's not a validation of China's model of growth, it just postpones the pain, like Japan's lost decade. And Japan was a lot more developed when its real estate bubble popped.

China has experienced the catch-up growth that it missed out on after 1949 in the past 3 decades or so. The trajectory of growth is less than for example, the South Korea or the Japanese. The big difference being that China has more people.