I think we're already in a global recession, the governments/banks/media/etc. just don't want to SAY it because that might cause "panic" and for people to be more careful with their money, when what they want is for people to spend. But everyone (pretty much) is struggling with even the basics of groceries at inflated prices, and inflated rents, and can't afford to buy a house, etc., and if that's not a recession, what is?
I do hope a crypto bloom happens, I think it's one way we can take some power back from all of that, anyway.
I don't know about China. I think, as you say, a lot of people WANT to see it go down out of spite. Here in the US there is so much anti-China propaganda, I just don't trust anything the media says. They're demonized the same way the USSR was demonized in the 80s when I was a kid. So maybe they're in trouble, or maybe they're doing great, I genuinely don't know.