I think you are half right. The trade agreement actually has a clause saying that they can suspend following it “in the case of national emergency”. That means either if two things is true:

1: Thry are lying about the numbers trying to make them look worse, so they don’t have to follow the agreement. This would be only because they are in such bad shape economically that they need something like this to cook the books even more. (Unlikely) 2: they are lying to make it seem better than it is, since they need the economy to be working or else the jig is up. Without the cheap loans backed by their economy, the whole BRI falls apart, which is the lynchpin to their plans.