Politicos of every stripe, from Washington to Beijing, love the fruits of Capitalism, but fear and despise the recession component of it's natural cycle.
China's first brush with recession, post-1979, occurred in the late 1980s and resulted, eventually, in the 1989 Tiananmen Square debacle.
Having almost fallen off the tiger then, the CCP apparently decided to outlaw recessions along with all other real and imagined threats to power.
To avoid recession, buying our debt and issuing their own has become their de facto economic model.
Nixon enabled it all by "temporarily" walking away from gold in 1971.