After Tiananmen they can't believe in #1. The party showed that they were in control.

#2 is possible but requires that the elite mistakes money for power. I cannot imagine that old money makes such a rooky mistake.

https://en.m.wikipedia.org/wiki/List_of_countries_by_steel_production

China is producing so much steel that the USA cannot believe that they can contain the Chinese navy in a prolonged war.

I cannot pin it down but things don't fully add up.

Downvoters, for #1? Jelzin was corrupt. Was there something similar in China?