The housing market in California is direct proof of the success of China's capital controls. Capital outflow from China to the West Coast dropped over 90% after Xi introduced capital controls.

When I was still in consulting, I had dozens of clients whose projects were killed when their Chinese investors could no longer get their money out of China to invest. A billion building sits unfinished across the street from Staples Center in LA (and has, for 3 years) because the developer can't get its money out of China to finish the building.

Thousands of local buyers are able to buy houses and condos in LA these past 3 years because they don't have to compete with all-cash foreign buyers any longer.