A glimpse into the dilemma of holding onto China's economic past versus embracing the future by Andrew Browne of the WSJ

"For international investors, China’s two-speed economy—one dying, the other accelerating—is utterly confusing, and it has produced wildly contrasting strategies. If China keeps subsidizing wasteful investment to keep industrial cities alive, its financial system will eventually blow up: At 260% of gross domestic product, the country’s overall debt is approaching danger levels. Some Wall Street hedge funds are taking huge speculative bets against the Chinese currency. Global markets are bracing for a “hard landing” by the Chinese economy and years of subpar growth. The financier George Sorossays China is already crashing."

https://www.wsj.com/articles/chinas-two-speed-economy-1457110331