As someone who grew up in the US, we went through the same cycles in the 1970s and 1980s and it's about that time period where it comes through again. I remember the fear that we were losing and the Soviet Union was outcompeting us. Reagan (the President that just shutdown mental institutions and put the people in them to live on the streets) told us constantly in much scarier words than we talk about China we were losing to the Soviets. My parents were in constant fear for their jobs. Interest rates made home buying unaffordable. Everything was rundown because there was a boom in the 50/60s and that stuff was getting tired and run down. There were huge crack epidemics and city downtowns looked bombed out.

China will start going through it as all that new infrastructure starts needing to be replaced and/or maintenance costs go up, 'new' cool cities just become regular old cities, peoples bodies break down and populace gets tired.

I am so glad that China is doing good though. I'm excited for more people's lives to improve!