Glass half empty or glass half full?

Right now, discussing the state of the Chinese economy is a confusing affair:

Some people are totally convinced that the country is down and out, that there is a real estate glut to end all real estate gluts, that all of Guangdong manufacturing has pretty much shut down, etc.

Yet just as many other people keep insisting that all considered, things are not particularly bad at all, that China has always suffered from overinvestment and overcapacity, and will always continue to do so, that restaurants are full, factory orders are picking up, the mood is improving as we speak, and and and.

All these people are on the ground, dealing with Chinese companies, walking through Chinese city streets every day. Yet they can't seem to agree if things are reasonably fine, somewhat worrying, or downright apocalyptic.

For some reason, that sort of "diversity of opinion" never seems to exist with respect to the US, Britain, Germany or Japan.

China is somehow different, as always.