The absence of circulating money and the imposition of debt notes in its stead, has ramification across the span of society. The most pernicious is probably war.
China is a centrally planned economy. Pockets of relatively free market activity exist, but not many. Because it is a centrally planned economy, it can be known that it will fail. We just need to wait for nature to take its course.
It has been known that marketplaces cannot be successfully centrally planned since Pharaonic times thus, those who try to implement them are ignorant.
This ignorance is used by true believers, post facto, to explain the collapse and gives rise to and sustains the belief that if only the right people had been in power, all would have been brilliant. No, the ignorance is what caused central planning to happen in the first place.
This does not mean that no threat exists. The closer that China gets to collapse, the more belligerent it will become.
David Archibald has written a thoughtful piece on this…