Then came the pandemic and a property crisis, and with them, clear evidence of the limits of the debt-fuelled, investment-driven model that had propelled China's economy and businesses like Shores'.
"If there is no investment, consumption will be like a tree without roots," said Jia, who previously led a finance ministry think tank.
Many uncertainties hang over China's economy: the zero-COVID policy, a crackdown on tech and other industries, geopolitical tensions and rising borrowing costs in export markets.
China is widely expected to miss this year's 5.5% GDP growth target and Natixis estimates growth may not even top 3% a year into Xi's next mandate.
Oxford Economics expects average annual GDP growth this decade to halve from the 1999-2019 average to 4.5% and slow to 3% in the decade after.