I stopped investing in China several years ago. If you can't trust them to honor their IP agreements how can you trust their books? Their military and political doctrine is asymmetric warfare against the US and they believe that they will win. With our current leadership that's increasingly likely. QCOM is just another casualty of an undeclared war.
Corporations assume about 50 percent of the business in China can be classified as "non performing".
You are right. China is a massive risk with negative ramifications for China growing at an accelerating rate. China cannot survive its growth via exports when it continues to destroy itself.
India will bypass China in the end (may be 20 years) due to much greater degree of certainty.