I do not think Evergrande Group is the problem, or even the catalytic tipping point

Evergrande is not a classic “black swan” crisis, but rather a conscious and deliberate consequence of Chinese policy aimed at deleveraging, de-risking, and preserving financial stability. 

Chinese government has doubled down, with President Xi Jinping throwing the full force of his power into a “common prosperity” campaign aimed at addressing inequalities of income and wealth. 

strikes at the heart of the market-based “reform and opening up” that have underpinned China’s growth miracle since the days of Deng Xiaoping in the 1980s. 

Vice Premier Liu He, China’s leading architect of economic strategy and a truly outstanding macro thinker

Stephen S. Roach Project Syndicate 27 September 2021

https://www.project-syndicate.org/commentary/china-growth-prospects-clouded-by-redistribution-and-regulation-by-stephen-s-roach-2021-09