This downturn in China could conceivably be a start of a major depression in that country.
I don’t expect this to be the case, but it is a remote possibility.
Does this mean the way the Chinese have been managing their economic growth has been a disaster?
Let’s not start calling “failure” so soon. A lot of the criticism I see of China is hypocritical. The US economy went through incredible gyrations during the “American Century,” including our Great Depression. What about shoddy manufacturing practices and toxins in some Chinese goods? Just watch this video of how the US used DDT. Even if the Chinese do end up in a deep depression, much of the rest of this century could still be very bright there.