>What economic function does a boom or bust perform, and why doesn't China need those functions?
Boom and busts do not perform a function. They are a symptom of a rigid money system.
If you put a thermostat on a heater that can only go on or off then it will overshoot or undershoot the target temperature in a cycle. If the heater is perfectly flexible and instantly responds to the current temperature then no cycles will occur.
If China doesn't experience any booms or busts then it either means their economy is in a range that suits their existing money system well or they simply are better at managing their money system.
Boom and busts do not perform a function. They are a symptom of a rigid money system.
If you put a thermostat on a heater that can only go on or off then it will overshoot or undershoot the target temperature in a cycle. If the heater is perfectly flexible and instantly responds to the current temperature then no cycles will occur.
If China doesn't experience any booms or busts then it either means their economy is in a range that suits their existing money system well or they simply are better at managing their money system.