Not only is it not impervious, but the mechanism that makes it work at all is entirely outside their control, in that they rely on exports to absorb the excess supply of labor that would otherwise foment social revolt.

The side effect of these manipulations is that there is a constant inflation that erodes any wage hikes, which would be a deterrent to futher outside investment and a drag on the exports that sustain their economy. To combat this, they push their excess dollars back into foreign investments, notably American treasuries, which earn little more than a pittance and have the side effect of holding down their currency value. The problem is that, despite their massive nominal holdings, they have no where near the accumulated capital that such actions would normally garner because of the pitiful returns, and any devulation in the value of the dollar can threaten to wipe out what accumulated value they do have.

The central problem in the Chinese economy is that it is not domestically self-sustaining at the growth rates they need to keep their entire system afloat (as their local and provincial governments are heavily indebted from years of large-scale government spending to reach GDP targets) and they must accept worse returns for their goods and services than comparable economies, because any influx of capital into their own economy pushes up inflationary pressures, which stresses the lower classes and increases the risk of revolution, and weakens outside investment demand as labor costs increase in response to the inflation, which curbs future growth rates and demands the government to divert revenue and issue debt to cover the shortfall in growth, which then feeds inflationary pressures, and the cycle continues.

At some point, the bubble will burst, and the Chinese will have to suffer a period of prolonged unemployment to make up for the decades of "offshoring" their unemployment rate, and when that happens the Chinese government will find it hard to maintain their economic manipulations of a massive lower class that did not share equally in the prosperity of the boom years.