Consider that China’s National Bureau of Statistics reported that China’s migrant population (defined as Chinese people that have left their hometown to seek employment or education elsewhere in the country) decreased by 5.7 million people in 2015. This was the first reported decrease in 30 years.
That is from the Bass letter outlining a bearish case on China, too bearish from my point of view. But still I am worried. On related matters, here is Christopher Balding on whether China in fact still has a trade surplus.