Interesting take.

There was an interview on Hidden Forces #350 with David Goldman. He gave considerable historical context on why PRC will continue to make inroads through communications and other infrastructure projects, and posits that this will balance demographic problems (I guess through automated large-scale manufacturing cornering markets, mainly continued expansion into SE Asia, the African continent and BRICS.

While I think he has a point to the less appreciated pragmatism and history of successes of large infrastructure projects, and possible demographic resilience, I do think the case you've made is the other under appreciated elephant in the room and India could integrate itself more diplomatically.

I heard talk that Evergrande is being dealt with in Hong Kong and the fallout is still pending. I'm not so sure that this fact makes a difference to containment of the unwinding of debt in the system, apart from it will help to sound that way because the bankruptcy is offshore and somehow it's not directly connected to China's real estate.