Oh, on the contrary. His legitimacy is directly related to his ability to have stability, and that stability comes from employment. When you are a state-run economy, you make sure everyone is employed, even if it's not profitable, because that's how you keep them from going all Tienamen Square on the leadership. So they spend a lot, and they loan a ton, to prop up their growth numbers. The CCP subsidizes growth by dumping goods in several markets and looking the other way at companies stealing intellectual property. They are willing to loan money at such low rates (one belt one road) because they see more of a return usually then what they normally do with money.