China is in a lot more trouble that it seems. They're likely desperate to make these changes precisely because their economy is crumbling. Official stats say 6% growth, for example, but even when it was 7% a couple of years ago, le keqiang (at the time the leader of financial affairs) was found saying that this was impossible in reality, and it was more like 2-3%. Most economists agree it's around half official figures, some saying even worse, so it matches up. We will never get true official statistics, however, but you can see in much of their behavior that they are in trouble.

There is declining growth in the whole consumer sector; cars, phones, appliances, pork, etc are all down. This is not a result of any trade war, but built-in domestic policy. Chinese households have more debt now than most developed countries, even Japan and the US (compared to income). Investment is down real estate etc. You name it. Trade internationally, be it Australia or Thailand, are all down too