Emerging Middle Class and Bubbles in China

If one looks at what has been going on in China since the 1990s in terms of technology capacity building and emerging middle class coupled with bubbles, s/he can’t help but notice some parallels between China and Korea (even Japan to some extent) (e.g., development trajectories and bad loans).

China needed the means of production, so they have invested in it accordingly. This has made China see the largest emerging middle class. And yet, their credit/property bubbles are bound to deleverage. They have also engaged in monetization. What effects would these policy actions have on their emerging middle class?

Of course, China is a communist country after all.