China was facing a population crisis either way. don't address it, and their noted food insecurity gets even worse.
they have been net importers of food for forever. considering its a change from their great leap backwards, its a much better long term plan. especially as it got them embedded with a bunch of other nations into trade associations, BRICS, they otherwise wouldn't have.
they have been building up their navy, to the point where they are producing far more military shipping than we can. they have expanded control into the South China Sea. and many of their trade deals, and infrastructure projects come with carve outs for future military use.
political system is bad in a moral sense, but it has been remarkably stable, and survived a lot. its also responsible for generating a ton of growth in China's economy, and military. they essentially started at nothing in the 70s, and are now unquestionably the second leading power in the world on pretty much every front.
china has been reworking their finances, much of the shakiness is because they were so heavily buyers of our debt. they have been slowly backing out of that after they got what they needed from it, namely building up their own infrastructure.