This is not the same China that executed the Great Leap Forward, but it still carries some of the baggage that enabled the GLF to happen. Lies between Central and Regional governments are SOP, and whistle-blowing is only condoned when it serves a political goal, much like the Hundred Flowers Campaign. Even shorting bubbles in an economic sense can put you at risk.
The economy does what the CCP says it does in China, and no one can understand what is going on in Chinese politics unless you are Chinese and are brave and/or foolish. But the Chinese economic reality has limits where it interacts with the rest of the world. In the GLF, the CCP exported grain while the Chinese people starved.