I think you're begging the question a bit here by assuming China is spending excess wealth. In 2024 China's general government debt was 88.33% of GDP, the US was 120.79% [1]

Now in 2026 we can look at the Financial Times [2] and see it's estimated that debt servicing is 19.2% of China's central government spending with a public debt of 122% of GDP, compared to debt service spending for the US of 14.2% (total debt 126% of GDP?) and Japan 26% (total debt 204% of GDP?).

So we're all spending money that we don't have and if you look at the rankings in the Japan article and compare to the debt % of GDP in [1] then it doesn't seem to matter.

[1] https://www.imf.org/external/datamapper/GG_DEBT_GDP@GDD/CHN/...

[2] https://www.ft.com/content/a0ffc43a-231a-40aa-b5f9-521757830... => https://archive.li/k3PEH

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