It's kind of weird because the orientals are all about customs and rituals, and history and heritage.
Not the Communist Party, they were all about destroying traditional Chinese Culture, and replacing it with the culture of the Party.
They toppled landmarks, raided Confucius' tomb, burned temples, and altered their very writing system to weaken the Chinese people's connection to their past, so they could fill vacuum with themselves. Quite nefarious when you think about it.
As to the bubble, I came across a good nuts & bolts explanation of
what's going on here. In short, the debt genie has been released from his bottle.