sure, but it's complicated, and i'm not really an expert, and i'm kinda high... so we'll see how it goes...

China's economic strategy has been 3 fold

1. devalue currency

This allows them to keep their costs of labor artificially low which makes them attractive for manufacturing (because foreign money buys a lot in china). Also with money being pretty much worthless comparatively speaking it doesn't hurt them at all to just print out billions of their currency and pass it around like monopoly money with good clean US dollars rolling back in via mfg and investments

this means it's very easy for them to buy up influence around the region (belt and road) and the world at large

2. dominate mfg

Make the world reliant on you as a manufacturer of everything. Starting with trinkets and fireworks, then cheap electronics, now the list includes everything from chips to all of the worlds vehicle "brains" and computers to all the important chemicals and medications. all the investments are being made in china because of the devaluation of their currency is making it possible. the goal being to keep it cheap until they can shift gears and all that investment will pay off huge (which is part 3)

3. sell china as the future

they are attempting to convince everyone to place all their bets on china and use every dirty trick in the book to make that a reality... because the more people of influence they can blackmail, the more IP and tech they can steal, the more influence they can gain over the destruction of their rivals (both in business and the politics)... the more money all those "investors" stand to make.

...however...

the problem is all of it is one big giant lie... it's all built on the promise that china is going to come out ahead at the end of this moment in history... but their gamble is built on the Ponzi scheme of unlimited growth and earnings potential

you see, all this investment is mostly based on things like evergrande style property development cons where they build massive ghost cities with absolute shit building practices... the buildings remain vacant and they all start crumbling after a few years because they are made like movie sets. as cheaply as possible, as quick as possible, then slap a coat of paint on it and show it off to the investors.

streets buckling, stone work falling off in the rain, hollow walls, leaking roofs, electrical fires, structual shit made with bamboo hidden with plaster (not even kidding).

problem with investing in growth is when there is no growth, and there are no droves of people moving into these cities, and there is no massive workforce ready to work at all the factories that the CCP is trying to con people into building... it all falls apart.

because it's all fake bullshit and the whole world is starting to figure it out.

evergrande defaulting is a serious deal, it's going to screw a bunch of investors sure... but more importantly it's the canary in the coalmine for all these other potential investors. people are going to stop investing and start moving money out so they don't get burned, the ripples are going to touch everything.

this is just the tip of the iceberg, hopefully others can chime in to add or correct me... but that should be enough to give you a general overview.

hope this helps.