It's important to recognize that the story is, first and foremost, bullshit. They're lying liars who lie.
Chinese folks in the upper classes are living high on the hog in every sense. They're traveling. They're eating out lavishly. They're driving big imported SUVs. They're blowing fat stacks at casinos and resorts. They are having wild sex and doing tons of drugs.
What they aren't doing is maxing their scores out on the USD leaders board. We don't have a handful of aspiring trillionaires demanding that the Hansang Index double every five years. Major media centers and industrial hubs aren't being collected and traded like baseball cards. Housing is not for speculation, it is for living in.
That's what The Economist is agitating over. Not that Chinese elites are suffering, but that they're failing to ante up into the Blackjack table that is American Capitalism.
I'm old enough to remember when Iraq was supposed to have the 5th largest military in the world, and Operation Desert Shield was the most comprehensive conflict our nation had embarked upon since Vietnam.
Now we've scrubbed Iraq, Afghanistan, and Vietnam from the brain logs. A militia of Radio Shack nerds living in one of the poorest countries on earth now present the biggest threat to US Naval Operations since the Empire of the Rising Sun waged war against the entire Pacific Rim.
Really makes you think...