Chanos does have a point about the current Chinese economy.
The China credit bubble: Government guranteed debt is $1.7tri/GDP is 62%. Fairly high. (Assuming the GDP number is not too much inflated.)
After 10+ years of high growth, there are lots of over-capacities in different industries, ie. steel. The global recession is likely to last for a few years, and it will outlast all the infrastructure build-ups.
Over the long term, I am optimistic about the Chinese economy. One reason is that the Chinese people are very resilient. But over the short to median term (1 to 5 years）, a recession is quite possible.
